...I will give you two pieces of advice. Invest as much in yourself as you can; you are your own best asset by far. Then follow your passion; you want to be really excited to get out of bed every morning.

Too often, executive compensation in the U.S. is ridiculously out of line with performance. That won't change, moreover, because the deck is stacked against investors when it comes to the CEO's pay. The upshot is that a mediocre-or-worse CEO - aided by his handpicked VP of human relations and a consultant from the ever-accommodating firm of Ratchet, Ratchet and Bingo - all too often receives gobs of money from an ill-designed compensation arrangement.

With each investment you make, you should have the courage and the conviction to place at least ten per cent of your net worth in that stock

Games are won by players who focus on the playing field -- not by those whose eyes are glued to the scoreboard.

Benign neglect, bordering on sloth, remains the hallmark of our investment process.

The financial calculus that Charlie and I employ would never permit our trading a good night's sleep for a shot at a few extra percentage points of return. I've never believed in risking what my friends and family have and need in order to pursue what they don't have and don't need.

Investment philosophy is the clear understanding that by owning shares of stocks he owns businesses, not pieces of paper.