It's just that right now the athlete's on the floor. But we - this is a super athlete.

Personally, I really hope I can treat everyone equally. I think I have done a pretty good job so far but I know I can do it better.

If you don’t feel comfortable making a rough estimate of the asset’s future earnings, just forget it and move on. No one has the ability to evaluate every investment possibility. But omniscience isn’t necessary; you only need to understand the actions you undertake.

Market prices for stocks fluctuate at great amplitudes around intrinsic value but, over the long term, intrinsic value is virtually always reflected at some point in market price.

When you build a bridge, you insist that it can carry 30,000 pounds, but you only drive 10,000-pound trucks across it. And that same principle works in investing.

Only when the tide goes out do you discover who's been swimming naked.

An investor should act as though he had a lifetime decision card with just twenty punches on it.