I have no use whatsoever for projections or forecasts. They create an illusion of apparent precision. The more meticulous they are, the more concerned you should be. We never look at projections, but we care very much about, and look very deeply at, track records. If a company has a lousy track record, but a very bright future, we will miss the opportunity.

Outstanding long-term results are produced primarily by avoiding dumb decisions, rather than by making brilliant ones.

Confidence is key. You're not going to put your money - you're not going to leave your money with me unless you're confident I'm going to give it back to you.

Always associate yourself with people who are better than you.

There is no staff. I make all the investment decisions and I do all my own analysis.

Never be afraid to ask for too much when selling or offer too little when buying.

It is obvious that the performance of a stock last year or last month is no reason, per se, to either own it or to not own it now. It is obvious that an inability to "get even" in a security that has declined is of no importance. It is obvious that the inner warm glow that results from having held a winner last year is of no importance in making a decision as to whether it belongs in an optimum portfolio this year.