Visiting stores and testing products is one of the critical elements of the analyst's job.

Long shots almost always miss the mark.

I deal in facts, not forecasting the future. That's crystal ball stuff. That doesn't work.

If a picture is worth a thousand words, in business, so is a number.

The list of qualities (an investor should have) include patience, self-reliance, common sense, a tolerance for pain, open-mindedness, detachment, persistence, humility, flexibility, a willingness to do independent research, an equal willingness to admit mistakes, and the ability to ignore general panic.

My method for picking stocks has never changed. When businesses go from crappy to semicrappy, there's money to be made.

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