In the end, alchemy, whether it is metallurgical or financial, fails. A base business can not be transformed into a golden business by tricks of accounting or capital structure. The man claiming to be a financial alchemist may become rich. But gullible investors rather than business achievements will usually be the source of his wealth.

Great investment opportunities come around when excellent companies are surrounded by unusual circumstances that cause the stock to be misappraised.

We really can say no in 10 seconds or so to 90%+ of all the things that come along simply because we have these filters.

First come the innovators, then come the imitators, then come the idiots.

The big question about how people behave is whether they've got an Inner Scorecard or an Outer Scorecard. It helps if you can be satisfied with an Inner Scorecard.

During inflation, Goodwill is the gift that keeps on giving.

Risk can be greatly reduced by concentrating on only a few holdings.