Just because you buy a stock and it goes up does not mean you are right. Just because you buy a stock and it goes down does not mean you are wrong.

The junior high schools and high schools of America have forgotten to teach one of the most important courses of all. Investing.

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.

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

There's no use diversifying into unknown companies just for the sake of diversity. A foolish diversity is the hobgoblin of small investors. That said, it isn't safe to own just one stock, because in spite of your best efforts, the one you choose might be the victim of unforeseen circumstances. In small portfolios, I'd be comfortable owning between three and ten stocks.

The person that turns over the most rocks wins the game. And that's always been my philosophy.

If you're lucky enough to have been rewarded in life to the degree that I have, there comes a point at which you have to decide whether to become a slave to your net worth by devoting the rest of your life to increasing it or to let what you've accumulated begin to serve you.