Never invest in any idea you can't illustrate with a crayon

Searching for companies is like looking for grubs under rocks: if you turn over 10 rocks you'll likely find one grub; if you turn over 20 rocks you'll find two.

Never invest in a company without understanding its finances. The biggest losses in stocks come from companies with poor balance sheets.

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

Time is on your side when you own shares of superior companies.

The natural-born investor is a myth.

When you sell in desperation, you always sell cheap.