The truth is, everything that has happened in my life... that I thought was a crushing event at the time, has turned out for the better.

Investment must be rational; if you can't understand it, don't do it.

There's not many businesses where someone can come in and offer to cut the price in half and somebody doesn't think about shifting. But that's the nature of the ratings business.

Someone's sitting in the shade today because someone planted a tree a long time ago. The person sitting in the shade now should be grateful for the person who planted and tended that tree. That includes all those benefactors of humanity throughout history that created, invented, financed, produced, maintained and improved all that we enjoy today.

Most investors, both institutional and individual, will find that the best way to own common stocks (shares') is through an index fund that charges minimal fees. Those following this path are sure to beat the net results (after fees and expenses) of the great majority of investment professionals.

There are three kinds of people: 1. Innovators. 2. Imitators. 3. Idiots.

We enjoy the process far more than the proceeds.