Never do anything in life if you would be ashamed of seeing it printed on the front page of your hometown newspaper for your friends and family to see.

Investment students need only two well-taught courses - How to Value a Business and How to Think About Market Prices

I can do anything I want, basically, as long as it doesn't involve athletic ability, or something like that.

If you expect to be a net saver during the next 5 years, should you hope for a higher or lower stock market during that period? Many investors get this one wrong. Even though they are going to be net buyers of stocks for many years to come, they are elated when stock prices rise and depressed when they fall. This reaction makes no sense. Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices.

We don't read other people's opinions. We want to get the facts, and then think.

Truly conservative actions arise from intelligent hypotheses, correct facts and sound reasoning.

Long ago, Sir Isaac Newton gave us three laws of motion, which were the work of genius. But Sir Isaac's talents didn't extend to investing: He lost a bundle in the South Sea Bubble, explaining later, 'I can calculate the movement of the stars, but not the madness of men.' If he had not been traumatized by this loss, Sir Isaac might well have gone on to discover the Fourth Law of Motion: For investors as a whole, returns decrease as motion increases.