Wild swings in share prices have more to do with the "lemming- like" behaviour of institutional investors than with the aggregate returns of the company they own.

People should always know better.

It's good to learn from your mistakes. It's better to learn from other people's mistakes.

As one of my older friends says, "Nostalgia just isn't what it used to be." Let's take a stab at it, anyway.

In investing, just as in baseball, to put runs on the scoreboard, one must watch the playing field, not the scoreboard.

It is obvious that the performance of a stock last year or last month is no reason, per se, to either own it or to not own it now. It is obvious that an inability to "get even" in a security that has declined is of no importance. It is obvious that the inner warm glow that results from having held a winner last year is of no importance in making a decision as to whether it belongs in an optimum portfolio this year.

We only want to link up with people whom we like, admire, and trust. ... We do not wish to join with managers who lack admirable qualities, no matter how attractive the prospects of their business. We've never succeeded in making a good deal with a bad person.