I get to do what I like to do every single day of the year.

I always invest in companies an idiot could run, because one day one will.

If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes. Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio's market value.

No matter how great the talent or efforts, some things just take time.

You get what I call the natural progression, the three Is. The innovators, the imitators, and the idiots.

Part of making good decisions in business is recognizing the poor decisions you've made and why they were poor. I've made lots of mistakes. I'm going to make more. It's the name of the game. You don't want to expect perfection in yourself. You want to strive to do your best. It's too demanding to expect perfection in yourself.

Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.