Just as many smart people fail in the investment business as stupid ones. Intellectually active people are particularly attracted to elegant concepts, which can have the effect of distracting them from the simpler, more fundamental truths.

We always look at the margin of safety in the balance sheet and then worry about the business.

When a stock doubles, sell half - then what you have is a free position. Then it becomes more of an art form. When you sell depends on individual circumstances.

The company must be profitable. Preferably it will have increased its earnings for the past five years and there will have been no deficits over that period.

I’m lucky to have the kind of life where the differentiation between work and play is absolutely zilch. I have no idea whether I’m working or whether I’m playing.

The company must be paying dividends. Preferably the dividend will have been increasing and have been paid for some time.

Curiosity is the engine of civilisation