Does the business have favourable long term prospects?

If you're in a card game and you can't figure out who the patsy is, you're it.

Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.

What an investor needs is the ability to correctly evaluate selected businesses. Note that word “selected”: You don't have to be an expert on every company, or even many. You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important; knowing its boundaries, however, is vital.

Investing in yourself is the best thing you can do. If you've got talents, no one can take them from you.

Too often, a vast collection of possessions ends up possessing its owner. The asset I most value, aside from health, is interesting, diverse, and long-standing friends.

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