I can't recall ever once having seen the name of a market timer on Forbes' annual list of the richest people in the world. If it were truly possible to predict corrections, you'd think somebody would have made billions by doing it.

Never buy anything that you can't illustrate on the back of a napkin.

If you're prepared to invest in a company, then you ought to be able to explain why in simple language that a fifth grader could understand, and quickly enough so the fifth grader won't get bored.

In this business if you're good, you're right six times out of ten. You're never going to be right nine times out of ten.

I spend about fifteen minutes a year on economic analysis.

Often, there is no correlation between the success of a company's operations and the success of its stock over a few months or even a few years. In the long term, there is a 100 percent correlation between the success of the company and the success of its stock. This disparity is the key to making money; it pays to be patient, and to own successful companies.

The person that turns over the most rocks wins the game. And that's always been my philosophy.