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.

We look for things I can understand. A lot of businesses I don't understand.

Investing in yourself is the best thing you can do. If you've got talents, no one can take them from you.

He must never forget Charlie's plea: Tell me where I'm going to die, so I'll never go there.

I read annual reports of the company I'm looking at and I read the annual reports of the competitors - that is the main source of material.

Benign neglect, bordering on sloth, remains the hallmark of our investment process.

I think any time you couple the term "Wall Street" with "bailout" or something like that, you know - I don't like what's going on in Wall Street.