We enjoy the process far more than the proceeds.

You get in a lot of trouble when you start putting fictitious numbers.

If you expect to be a net saver during the next 5 years, should you hope for a higher or lower stock market during that period? Many investors get this one wrong. Even though they are going to be net buyers of stocks for many years to come, they are elated when stock prices rise and depressed when they fall. This reaction makes no sense. Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices.

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

You only have to do a very few things right in your life so long as you don't do too many things wrong.

There are all kinds of businesses that Charlie and I don't understand, but that doesn't cause us to stay up at night. It just means we go on to the next one, and that's what the individual investor should do.

When they get their ego involved, people do things they shouldn't do.