As an investor with small capital, one should prefer businesses that have high returns on capital and that require little incremental investment to grow.

Today people who hold cash equivalents feel comfortable. They shouldn't. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value.

The dominant factors affecting control valuations are earning power (past and prospective) and asset values.

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

No formula in finance tells you that the moat is 28 feet wide and 16 feet deep. That's what drives the academics crazy. They can compute standard deviations and betas, but they can't understand moats.

Is management candid with the shareholders?

You can't produce a baby in one month by getting nine women pregnant.