You can be sure that over the next 10 years, you'll see something that you did not think was possible.

Shares are not mere pieces of paper. They represent part ownership of a business. So, when contemplating an investment, think like a prospective owner.

Do not take yearly results too seriously. Instead, focus on four or five-year averages.

Generally, we have translated greater output in the few hours of work per week over the last century. And that's a good trend of the future. But we do have to have a system that, as output of goods and services keeps increasing per capita, that it takes care of the people who are willing to work and really are not getting by very well with a family on a 40-hour week.

The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.

When I take a look at a company's annual report, if I don't understand it, they don't want me to understand it.

I'd rather have a $10 million business making 15 per cent than a $100 million business making 5 per cent.