It isn't given to man to be able to run a financial institution where different interest-rate scenarios will prevail on all of that so as to produce kind of smooth, regular earnings from a very large base to start with.

An investor should ordinarily hold a small piece of an outstanding business with the same tenacity that an owner would exhibit if he owned all of that business.

My rather puritanical view is that any investment manager, whether operating as broker, investment counselor of a trust department, investment company, etc., should be willing to state unequivocally what he is going to attempt to accomplish and how he proposes to measure the extent to which he gets the job done.

Investing requires qualities of temperament way more than it requires qualities of intellect.

I read annual reports of the company I'm looking at and I read the annual reports of the competitors - that is the main source of material.

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

A CEO's behavior has a huge impact on managers down the line.