I'm sitting with six and a half billion dollars we're going to use to close the Mars-Wrigley deal on October 6. I've got to hand over that six and a half billion on October 6. Now, I have to be very careful about who I leave it in between now and then, because they're expecting that he show up.

Look for companies with high profit margins.

Our stay-put behavior reflects our view that the stock market serves as a relocation center at which money is moved from the active to the patient.

It's a lot easier to buy things than it is to sell them.

To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What's needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding that framework. You must supply the emotional discipline.

Nothing sedates rationality like large doses of effortless money.

We have long felt that the only value of stock forecasters is to make fortune-tellers look good.