When people talk about cash being king, it's not king if it just sits there and never does anything.

You have to be able to communicate in life and probably schools underemphasize that. If you can't talk to people or write, you're giving up your potential.

Stocks of companies selling commodity-like products should come with a warning label: "Competition may prove hazardous to human wealth".

There is no question we have an access stock.

It is more important to say "no" to an opportunity, than to say "yes".

There is one thing of which I can assure you. If good performance of the fund is even a minor objective, any portfolio encompassing one hundred stocks (whether the manager is handling one thousand dollars or one billion dollars) is not being operated logically. The addition of the one hundredth stock simply can't reduce the potential variance in portfolio performance sufficiently to compensate for the negative effect its inclusion has on the overall portfolio expectation.

Intensity is the price of excellence.