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

An investor should act as though he had a lifetime decision card with just twenty punches on it.

You get what I call the natural progression, the three Is. The innovators, the imitators, and the idiots.

I always say that in investing you want to buy stock in a company that has a business that's so good that an idiot can run it, because sooner or later one will. We have a country like that.

Failure comes from ego, greed, envy, fear, imitation. I have success not because I am smart, but because I am rational.

The dominant factors affecting control valuations are earning power (past and prospective) and asset values.

I'm happy when I can spend every day doing the things that I like to do. That's my luxury.