The American economy is going to do fine. But it won't do fine every year and every week and every month. I mean, if you don't believe that, forget about buying stocks anyway... It's a positive-sum game, long term. And the only way an investor can get killed is by high fees or by trying to outsmart the market.

I knew a lot about what I did when I was 20. I had read a lot, and I aspired to learn everything I could about the subject.

Managers thinking about accounting issues should never forget one of Abraham Lincoln's favorite riddles: How many legs does a dog have, if you call a tail a leg? The answer: Four, because calling a tail a leg doesn't make it a leg.

You will be right, over the course of many transactions, if your hypotheses are correct, your facts are correct, and your reasoning is correct. True conservatism is only possible through knowledge and reason.

The key to life is to figure out who to be the batboy for.

How do you beat Bobby Fischer? You play him at any game but chess. I try to stay in games where I have an edge.

Traditional wisdom is long on tradition and short on wisdom.