The key to life is to figure out who to be the batboy for.

I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.

You should be unconcerned about short-term price action when you own the securities directly, just as you were unconcerned when you owned them indirectly through BPL. I think about them as businesses, not "stocks", and if the business does all right over the long term, so will the stock.

If a business does well, the stock eventually follows.

The active investors will have their returns diminished by a far greater percentage than will their inactive brethren. That means that the passive group - the "know-nothings" - must win.

Outstanding long-term results are produced primarily by avoiding dumb decisions, rather than by making brilliant ones.

I like to go for cinches. I like to shoot fish in a barrel. But I like to do it after the water has run out.