The advice "you never go broke taking a profit" is foolish.

The speed at which a business success is recognized, furthermore, is not that important as long as the company's intrinsic value is increasing at a satisfactory rate. In fact, delayed recognition can be an advantage: It may give us the chance to buy more of a good thing at a bargain price.

There is no substitute for a local newspaper that is doing its job.

If principles can become dated, they're not principles.

To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What's needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding that framework. You must supply the emotional discipline.

The American worker is more productive than he's ever been.

When investing, pessimism is your friend, euphoria the enemy.