Invest in as much of yourself as you can, you are your own biggest asset by far.

We say we are trying to buy into businesses with excellent economics, run by honest and able people at a decent price. We buy very few securities, so we look at it as "focused" investing.

Investment decision should be made on the basis of the most probable compounding of after-tax net worth with minimum risk.

When the brothel burns down, even the pretty girls have to run out.

None of this means, however, that a business or stock is an intelligent purchase simply because it is unpopular; a contrarian approach is just as foolish as a follow-the-crowd strategy. What's required is thinking rather than polling. Unfortunately, Bertrand Russell's observation about life in general applies with unusual force in the financial world: "Most men would rather die than think. Many do."

Whatever you like to do, make it a hobby and whatever the world likes to do, make it a business.

Nothing sedates rationality like large doses of effortless money.