The more cash that builds up in the treasury, the greater the pressure to piss it away.

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.

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

There's no use diversifying into unknown companies just for the sake of diversity. A foolish diversity is the hobgoblin of small investors. That said, it isn't safe to own just one stock, because in spite of your best efforts, the one you choose might be the victim of unforeseen circumstances. In small portfolios, I'd be comfortable owning between three and ten stocks.

Imagine if you borrowed your parents' car without permission and ran it into a tree, how much better you'd feel if you were incorporated.

An important key to investing is to remember that stocks are not lottery tickets.

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