I spend about fifteen minutes a year on economic analysis.

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

Never buy anything that you can't illustrate on the back of a napkin.

The most important organ in the body as far as the stock market is concerned is the guts, not the head. Anyone can acquire the know-how for analyzing stocks.

Average investors can become experts in their own field and can pick winning stocks as effectively as Wall Street professionals by doing just a little research.

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

All the time and effort people devote to picking the right fund, the hot hand, the great manager have, in most cases, led to no advantage.