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.

History has shown that in every age and in every field of human knowledge, many of the views which almost everyone accepted as true and never bothered to think about further, were in time proven completely wrong.

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.

I had made what I believe was one of the more valuable decisions of my business life. This was to confine all efforts solely to making major gains in the long-run.

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

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

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