There are three important principles to Graham's approach. [The first is to look at stocks as fractional shares of a business, which] gives you an entirely different view than most people who are in the market. [The second principle is the margin-of-safety concept, which] gives you the competitive advantage. [The third is having a true investor's attitude toward the stock market, which] if you have that attitude, you start out ahead of 99 percent of all the people who are operating in the stock market - it's an enormous advantage.

You don't have to be a genius to invest well

Resolution Trust Company was set up to liquidate a bunch of assets that the government had inherited because the savings and loans went broke.

If you don't find a way to make money while you sleep, you will work until you die.

Generally, we have translated greater output in the few hours of work per week over the last century. And that's a good trend of the future. But we do have to have a system that, as output of goods and services keeps increasing per capita, that it takes care of the people who are willing to work and really are not getting by very well with a family on a 40-hour week.

Many stock options in the corporate world have worked in exactly that fashion: they have gained in value simply because management retained earnings, not because it did well with the capital in its hands.

Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can't buy what is popular and do well.