Failing conventionally is the route to go; as a group, lemmings may have a rotten image, but no individual lemming has ever received bad press

I would rather sustain the penalties resulting from over-conservatism than face the consequences of error, perhaps with permanent capital loss, resulting from the adoption of "New Era" philosophy where trees really do grow to the sky.

The first rule is not to lose. The second rule is not to forget the first rule.

The [stock] market,like the Lord, helps those who help themselves. But, unlike the Lord, the market does not forgive those who know not what they do.

The three most important words in investing...Margin of Safety.

I've often felt there might be more to be gained by studying business failures than business successes.

Just imagine living on 21,000 a year. I mean you have 20 percent of the population doing that. So you don't have to worry about guys like me.