If you own the only newspaper in town, up until the last five years or so, you have pricing power and you didn't have to go to the office.

Basically, the single-most important decision in evaluating a business is pricing power.

Every company that has an economist working for him has one employee too many.

You don't want 300 million Americans putting their money under the mattress.

To invest successfully, you need not understand beta, efficient markets, modern portfolio theory, option pricing or emerging markets. You may, in fact, be better off knowing nothing of these. That, of course, is not the prevailing view at most business schools, whose finance curriculum tends to be dominated by such subjects. In our view, though, investment students need only two well-taught courses - How to Value a Business, and How to Think About Market Prices.

Never ask a barber if you need a haircut.

The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.