If you can't find any companies that you think are attractive, put your money in the bank until you discover some.

You can't see the future through a rearview mirror

Twenty years in this business convinces me that any normal person using the customary three percent of the brain can pick stocks just as well, if not better, than the average Wall Street expert.

The simpler it is, the better I like it.

If you can't find any companies that you think are attractive, put your money in the bank until you discover some.

Bargains are the holy grail of the true stockpicker. The fact that 10 to 30 percent of our net worth is lost in a market sell-off is of little consequence. We see the latest correction not as a disaster but as an opportunity to acquire more shares at low prices. This is how great fortunes are made over time.

As I look back on it now, it's obvious that studying history and philosophy was much better preparation for the stock market than, say, studying statistics.