You have to turn over a lot of rocks to find those little anomalies. You have to find the companies that are off the map - way off the map.

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.

You're dealing with a lot of silly people in the marketplace; it's like a great big casino and everyone else is boozing. If you can stick with Pepsi, you should be OK.

An argument is made that there are just too many question marks about the near future; wouldn't it be better to wait until things clear up a bit? You know the prose: "Maintain buying reserves until current uncertainties are resolved," etc. Before reaching for that crutch, face up to two unpleasant facts: The future is never clear and you pay a very high price for a cheery consensus. Uncertainty actually is the friend of the buyer of long-term values.

It is easier to rationalize than it is to be rational.

You do not adequately protect yourself by being half awake when other are sleeping.

A diamond cannot be polished without friction, nor a person perfected without trials. Someone is enjoying shade today because someone planted a tree a long time ago.