Benign neglect, bordering on sloth, remains the hallmark of our investment process.

Fear is the foe of the faddist, but the friend of the fundamentalist.

An ounce of prevention is worth a pound of cure understated.

All but a few of the organizations do not specifically promise to deliver superior investment performance although it is perhaps not unreasonable for the public to draw such an inference from their advertised emphasis on professional management.

In the great majority of cases we simply do not know enough about the industry or company to come to sensible judgments-in that situation we pass.

If you own a wonderful business...the best thing to do is keep it. All you're going to do is trade your wonderful business for a whole bunch of cash, which isn't as good as the business, and you got the problem of investing in other businesses, and you probably paid a tax in between. So my advice to anybody who owns a wonderful business is keep it.

The big question about how people behave is whether they've got an Inner Scorecard or an Outer Scorecard. It helps if you can be satisfied with an Inner Scorecard.