If principles can become dated, they're not principles.

When bills come due, only cash is legal tender. Don't leave home without it.

What's hot today isn't likely to be hot tomorrow. The stock market reverts to fundamental returns over the long run. Don't follow the herd.

I've often felt there might be more to be gained by studying business failures than business successes.

I like to buy things I can understand. I do a lot of research on things.

What could be more advantageous in an intellectual contest - whether it be chess, bridge, or stock selection - than to have opponents who have been taught that thinking is a waste of energy?

The value of a business is the cash it's going to produce in the future.