The only way one should buy stocks is if you understand the underlying business. You stay within the circle of competence. You buy businesses you understand.

The only way one should buy stocks is if you understand the underlying business. You stay within the circle of competence. You buy businesses you understand.

The good news in investing is there are no HR problems. If there are no humans, there are no problems!

Wall Street sometimes gets confused between risk and uncertainty, and you can profit handsomely from that confusion. The low-risk, high-uncertainty [situation] gives us our most sought after coin-toss odds. Heads, I win; tails, I don't lose much.

I have a hard time getting past the day without the nap, so the nap is a must.

Warren Buffett has said many times that people either get value investing in five minutes or they won't get it in five years. So, there is something in the human brain, that for some of us, makes all the difference in the world right away and the patience it requires is part of the wiring process.

The problem most nonprofits have is that they are run by romantics who are great to hang out with, but they have no clue.