A low-cost index fund is the most sensible equity investment for the great majority of investors. My mentor, Ben Graham, took this position many years ago, and everything I have seen since convinces me of its truth.

At age 19, I read a book [The Intelligent Investor] and what I'm doing today, at age 76, is running things through the same thought process I learned from the book I read at 19.

Every company that has an economist working for him has one employee too many.

In my view, [the trade deficit] will create political turmoil at some point...Pretty soon, I think there will be a big adjustment.

You are neither right nor wrong because the crowd disagrees with you.

With enough insider information and a million dollars, you can go broke in a year.

Focus on return on equity, not earnings per share.