For some reason people take their cues from price action rather than from values. Price is what you pay. Value is what you get.

A pin lies in wait for every bubble. And when the two eventually meet, a new wave of investors learns some very old lessons: First, many in Wall Street (a community in which quality control is not prized) will sell investors anything they will buy. Second, speculation is most dangerous when it looks easiest.

Money will always flow toward opportunity, and there is an abundance of that in America.

Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy only when others are fearful.

Managers that always promise to 'make the numbers' will at some point be tempted to make up the numbers.

Wide diversification is only required when investors do not understand what they are doing.

I'd rather have a $10 million business making 15 per cent than a $100 million business making 5 per cent.