The first rule is not to lose. The second rule is not to forget the first rule.

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.

Your money can be inflated away but your knowledge and talent cannot.

Banking is very good business if you don't do anything dumb.

The key to success is emotional stability.

The much-maligned idle rich have received a bad rap: They have maintained their wealth while many There is scarcely an instance of a man who has made a fortune by speculation and kept it. Andrew Carnegie of the energetic rich, aggressive real estate operators, corporate acquirers, oil drillers, etc. have their fortunes disappear.

Investment decision should be made on the basis of the most probable compounding of after-tax net worth with minimum risk.