I have worked with investors for 60 years and I have yet to see anyone - not even when capital gains rates were 39.9 percent in 1976-77 - shy away from a sensible investment because of the tax rate on the potential gain.

We look for things I can understand. A lot of businesses I don't understand.

Everybody's got a different circle of competence. The important thing is not how big the circle is. The important thing is staying inside the circle.

Stocks are the only thing that people are happy to buy when the price goes up.

Many stock options in the corporate world have worked in exactly that fashion: they have gained in value simply because management retained earnings, not because it did well with the capital in its hands.

Diversification may preserve wealth, but concentration builds wealth.

Your money can be inflated away but your knowledge and talent cannot.