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.

The extravagance of any corporate office is directly proportional to management's reluctance to reward the shareholders.

In this business if you're good, you're right six times out of ten. You're never going to be right nine times out of ten.

Often, there is no correlation between the success of a company's operations and the success of its stock over a few months or even a few years. In the long term, there is a 100 percent correlation between the success of the company and the success of its stock. This disparity is the key to making money; it pays to be patient, and to own successful companies.

I think you have to learn that there's a company behind every stock, and that there's only one real reason why stocks go up. Companies go from doing poorly to doing well or small companies grow to large companies.

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.

Behind every stock is a company. Find out what it's doing.