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

I have always cautioned partners that I considered three years a minimum in determining whether we were "performing".

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.

You have no ability, if you're a financial institution and you're threatened with criminal prosecution, you have no ability to negotiate.

An ounce of prevention is worth a pound of cure understated.

Anything can happen anytime in markets. And no advisor, economist, or TV commentator-and definitely not Charlie nor I-can tell you when chaos will occur. Market forecasters will fill your ear but will never fill your wallet.

The great personal fortunes in the country weren't built on a portfolio of fifty companies. They were built by someone who identified one wonderful business. With each investment you make, you should have the courage and the conviction to place at least 10% of your net worth in that stock.