It's got to be the best intellectual exercise out there. You're seeing through new situations every ten minutes. In the stock market you don't base your decisions on what the market is doing, but on what you think is rational. Bridge is about weighing gain/loss ratios. You're doing calculations all the time.

Unless your answers are clearly better, copy the answers of your betters.

We've got more productive capacity now than we ever have.

I've learned mainly by reading myself. So I don't think I have any original ideas. Certainly, I talk about reading Graham. I've read Phil Fisher. So I've gotten a lot of my ideas from reading. You can learn a lot from other people. In fact, I think if you learn basically from other people, you don't have to get too many new ideas on your own. You can just apply the best of what you see.

The most dangerous distractions are the ones you love, but that don’t love you back.

A hyperactive stock market is the pickpocket of enterprise.

Focus on return on equity, not earnings per share.