You get recessions, you have stock market declines. If you don't understand that's going to happen, then you're not ready, you won't do well in the markets.

There are substantial rewards for adopting a regular routine of investing and following it no matter what, and additional rewards for buying more shares when most investors are scared into selling.

Never invest in anything that cannot be illustrated with a crayon

In business, competition is never as healthy as total domination.

Avoid hot stocks in hot industries.

I spend about fifteen minutes a year on economic analysis.

My high-tech aversion caused me to make fun of the typical biotech enterprise: $100 million in cash from selling shares, one hundred Ph.D.'s, 99 microscopes, and zero revenues.