An irresistable footnote: in 1971, pension fund managers invested a record 122% of net funds available in equities - at full prices they couldn't buy enough of them. In 1974, after the bottom had fallen out, they committed a then record low of 21% to stocks.

Writing a check separates a commitment from a conversation.

What you really want to do in investments is figure out what's important and knowable. If it's unimportant or unknowable you forget about it.

Asset values and earning power are the dominant factors affecting the valuation of a controlling interest in a business. Market price, which governs valuation of minority interest positions, is of little or no importance in valuing a controlling interest.

Only when the tide goes out do you discover who's been swimming naked.

You can't buy what is popular and do well.

Do not save what is left after spending, but spend what is left after saving.