Investors have to remember: corporate profits are going up, but stocks are going up faster. How can that continue indefinitely? Investors can only earn what companies themselves can earn; the government or the markets themselves don't kick anything in. How can you get anything more out of a farm than what it grows?

The dumbest reason in the world to buy a stock is because it's going up.

As far as you are concerned, the stock market does not exist. Ignore it.

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.

You get what I call the natural progression, the three Is. The innovators, the imitators, and the idiots.

I think the FDIC was one of the great inventions of the American.

In the end we must have people to match our principles, not the reverse.