You have to turn over a lot of rocks to find those little anomalies. You have to find the companies that are off the map - way off the map. You may find local companies that have nothing wrong with them at all. A company that I found, Western Insurance Securities, was trading for $3/share when it was earning $20/share!! I tried to buy up as much of it as possible. No one will tell you about these businesses. You have to find them.

Much success can be attributed to inactivity. Most investors cannot resist the temptation to constantly buy and sell.

You have no ability, if you're a financial institution and you're threatened with criminal prosecution, you have no ability to negotiate.

If you have more than 120 or 130 I.Q. points, you can afford to give the rest away. You don't need extraordinary intelligence to succeed as an investor.

You’ve gotta keep control of your time, and you can’t unless you say no. You can’t let people set your agenda in life.

Derivatives are financial weapons of mass destruction.

So some guy may know how to make money in cocoa beans, but I don't so I just let him have that. But it's got to be something I understand. It's got to be a business with fundamentally good economics. It's got to be a management that I like and trust and admire. And it's got to be a price that makes sense.