[W]e think the very term 'value investing' is redundant. What is 'investing' if it is not the act of seeking value at least sufficient to justify the amount paid? Consciously paying more for a stock than its calculated value -- in the hope that it can soon be sold for a still-higher price -- should be labeled speculation (which is neither illegal, immoral nor -- in our view -- financially fattening).

The best thing I did was choose the right heroes.

My net worth is the market value of holdings less the tax payable upon sale. The liability is just as real as the asset unless the value of the asset declines (ouch), the asset is given away (no comment), or I die with it. The latter course of action would appear to at least border on a Pyrrhic victory.

Occasionally, a man must rise above principles.

You are lucky in life if you have the right heroes. I advise all of you, to the extent you can, to pick out a few heroes

First come the innovators, then come the imitators, then come the idiots.

If you don't know jewelry, know the jeweler.