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

A price drop in a good stock is only a tragedy if you sell at that price and never buy more. To me, a price drop is an opportunity to load up on bargains from among your worst performers and your laggards that show promise. If you can't convince yourself "When I'm down 25 percent, I'm a buyer" and banish forever the fatal thought "When I'm down 25 percent, I'm a seller," then you'll never make a decent profit in stocks.

There's lots of stocks out there and all you need is a few of 'em. That's been my philosophy.

In our society, it's been the men who've handled most of the finances, and the women who've stood by and watched men botch things up.

Go for a business that any idiot can run - because sooner or later, any idiot probably is going to run it.

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

When stocks are attractive, you buy them. Sure, they can go lower. I've bought stocks at $12 that went to $2, but then they later went to $30. You just don't know when you can find the bottom.