Buy into a company because you want to own it, not because you want the stock to go up.

If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy.

[Gold] gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.

So if you are evaluating others (or yourself!) in the investment field, think out some standards - apply them - interpret them.

I've made money over the years by buying into good companies, run by good people, at attractive prices. And I don't try and make it out of buying into the market at one point and selling at another point.

Growth and value investing are joined at the hip.

In other words, the percentage change in book value in any given year is likely to be reasonably close to that year's change in intrinsic value.