I think once you start putting phony figures into financial statements, you get in a lot of trouble. And we've seen so much of that in the last 20 years.

No formula in finance tells you that the moat is 28 feet wide and 16 feet deep. That's what drives the academics crazy. They can compute standard deviations and betas, but they can't understand moats.

Fear is the foe of the faddist, but the friend of the fundamentalist.

A Company should be viewed as an unfolding movie, not as a still photograph

For some reason, people take their cues from price action rather than from values. What doesn't work is when you start doing things that you don't understand or because they worked last week for somebody else. The dumbest reason in the world to buy a stock is because it's going up.

My job is essentially just corralling more and more and more facts and information, and occasionally seeing whether that leads to some action.

Asking for financial advice from a financial planner is like asking a barber if you need a hair cut.