Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.

A stock doesn't know that you own it.

You’d get very rich if you thought of yourself as having a card with only twenty punches in a lifetime, and every financial decision used up one punch. You’d resist the temptation to dabble. You’d make more good decisions and you’d make more big decisions.

Although we deal with probabilities and expectations, the actual results can deviate substantially from such expectations, particularly on a short-term basis.

Uncertainty is the friend of the buyer of long term values.

I mean, you can explain the fact that these are depressed prices, you know. We think these assets are going to be worth a lot more. And I think that case can be made in certain situations. But I think to just say, you know, we're going to say a dollar of cash is worth $2 all of a sudden, it isn't worth $2. It's worth a dollar today.

Never depend on a single source of income.