I don't try and guess when to get in and out of the market. I have owned stocks consistently since 1942. I owned the - I was buying stocks the day before the election. I was buying the same stocks the day after election. And if Hillary had been elected, it would have been the same thing.

That which is not worth doing at all is not worth doing well.

What we really want to do is buy businesses that we would be happy to own forever.

Our stay-put behavior reflects our view that the stock market serves as a relocation center at which money is moved from the active to the patient.

There are a few investment managers, of course, who are very good - though in the short run, it's difficult to determine whether a great record is due to luck or talent. Most advisors, however, are far better at generating high fees than they are at generating high returns. In truth, their core competence is salesmanship. Rather than listen to their siren songs, investors - large and small - should instead read Jack Bogle's The Little Book of Common Sense Investing.

Never get too hung up on mistakes.

I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.