Consciously paying more for a stock than its calculated value - in the hope that it can soon be sold for a still-higher price - should be labelled speculation

The big question about how people behave is whether they've got an Inner Scorecard or an Outer Scorecard. It helps if you can be satisfied with an Inner Scorecard.

Investment students need only two well-taught courses - How to Value a Business and How to Think About Market Prices

If you can tell me who your heroes are, I can tell you how you're going to turn out in life.

Market price, while used exclusively to value our investments in minority positions, is not a relevant factor when applied to our controlling interests.

Someone's sitting in the shade today because someone planted a tree a long time ago. The person sitting in the shade now should be grateful for the person who planted and tended that tree. That includes all those benefactors of humanity throughout history that created, invented, financed, produced, maintained and improved all that we enjoy today.

The stock market is a wonderfully efficient mechanism for transferring wealth from the impatient to the patient.