What an investor needs is the ability to correctly evaluate selected businesses. Note that word “selected”: You don't have to be an expert on every company, or even many. You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important; knowing its boundaries, however, is vital.

I wouldn't want to manufacture cigarettes. But if I owned - we do own Costco. Do they sell them? Yes. So I don't have a problem owning stock in that. But I just wouldn't want to - I wouldn't want to do it myself. I basically think, if anything is sufficiently antisocial, society should do something about it. But that's a separate question. But - and I don't think there's any company that I have seen that's 100 percent pure.

My favorite time frame for holding a stock is forever.

Too often, a vast collection of possessions ends up possessing its owner.

If you can't read the scoreboard. You don't know the score. If you don't know the score, you can't tell the winners from the losers.

Never ask a barber if you need a haircut.

That which is not worth doing at all is not worth doing well.