I checked the actuarial tables, and the lowest death rate is among six-year-olds. So I decided to eat like a six-year-old.

One of the ironies of the stock market is the emphasis on activity. Brokers, using terms such as 'marketability' and 'liquidity,' sing the praises of companies with high share turnover... but investors should understand that what is good for the croupier is not good for the customer. A hyperactive stock market is the pick pocket of enterprise.

To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What's needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding that framework. You must supply the emotional discipline.

I don't measure my life by the money I've made. Other people might, but certainly don't.

We will reject interesting opportunities rather than over-leverage our balance sheet.

Wall Street makes its money on activity. You make your money on inactivity.

If you lose money for the firm, I will be forgiving. If you lose reputation, I will be ruthless.