My mistake was to project my skill beyond the limits of experience. I began investing outside the industries which I believe I thoroughly understood, in completely different spheres of activity; situations where I did not have comparable background knowledge.

Be extra careful when buying into companies and industries that are the current darlings of the financial community.

I remember my sense of shock some half-dozen years ago when I read a recommendation to sell shares of a company ... The recommendation was not based on any long-term fundamentals. Rather, it was that over the next six months the funds could be employed more profitably elsewhere.

If the growth rate is so good that in another ten years the company might well have quadrupled, is it really of such great concern whether at the moment the stock might or might not be 35% overpriced?

The successful investor is usually an individual who is inherently interested in business problems.

Practical investors usually learn their problem is finding enough outstanding investments, rather than choosing among too many.

The stock market is filled with individuals who know the price of everything, but the value of nothing.