Returns decrease as motion increases.

We look for things I can understand. A lot of businesses I don't understand.

Never test the depth of river with both the feet.

It's a big mistake to try and mislead people. They will turn around.

A very rich person should leave his kids enough to do anything, but not enough to do nothing.

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.

There are a few investment managers, of course, who are very good - though in the short run, it's difficult to determine whether a great record is due to luck or talent. Most advisors, however, are far better at generating high fees than they are at generating high returns. In truth, their core competence is salesmanship. Rather than listen to their siren songs, investors - large and small - should instead read Jack Bogle's The Little Book of Common Sense Investing.