Investing in yourself is the best thing you can do. If you've got talents, no one can take them from you.

Investors should remember that their scorecard is not computed using Olympic-diving methods: Degree-of-difficulty doesn't count. If you are right about a business whose value is largely dependent on a single key factor that is both easy to understand and enduring, the payoff is the same as if you had correctly analyzed an investment alternative characterized by many constantly shifting and complex variables.

The U.S. Treasury has got borrowing costs like nobody else has.

Take the job you would take if you were independently wealthy. You're going to do well at it.

I never invest in anything that I don't understand.

We can afford to lose money - even a lot of money. But we can't afford to lose reputation - even a shred of reputation.

In our view, though, investment students need only two well-taught courses-How to Value a Business, and How to Think about Market Prices. Your goal as an investor should simply be to purchase, at a rational price, a part interest in an easily-understandable business who's earnings are virtually certain to be materially higher five, ten and twenty years from now.