Never invest in anything that cannot be illustrated with a crayon

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.

Although it's easy to forget sometimes, a share is not a lottery ticket... it's part-ownership of a business.

I don't go near the money and the money doesn't go near me.

I don't know anyone who said on their deathbed: 'Gee, I wish I'd spent more time at the office.'

The biggest winners are surprises to me, and takeovers are even more surprising. It takes years, not months, to produce big results.

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.