Well, I think the biggest mistake is not learning the habits of saving properly early. Because saving is a habit. And then, trying to get rich quick. It's pretty easy to get well-to-do slowly. But it's not easy to get rich quick.

I like to go for cinches. I like to shoot fish in a barrel. But I like to do it after the water has run out.

There seems to be some perverse human characteristic that likes to make easy things difficult.

Read Ben Graham and Phil Fisher read annual reports, but don't do equations with Greek letters in them.

Having a large amount of leverage is like driving a car with a dagger on the steering wheel pointed at your heart. If you do that, you will be a better driver. There will be fewer accidents but when they happen, they will be fatal.

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 also believe candour benefits us as managers. The CEO who misleads often in public eventually misleads himself in private.