In a bull market, one must avoid the error of the preening duck that quacks boastfully after a torrential rainstorm, thinking that its paddling skills have caused it to rise in the world. A right-thinking duck would instead compare its position after the downpour to that of the other ducks on the pond.

Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.

Every company that has an economist working for him has one employee too many.

Resolution Trust Company was set up to liquidate a bunch of assets that the government had inherited because the savings and loans went broke.

A lot of great fortunes in the world have been made by owning a single wonderful business. If you understand the business, you don't need to own very many of them.

The best business returns are usually achieved by companies that are doing something quite similar today to what they were doing five or ten years ago.

Be fearful when the markets get greedy, be greedy when the markets get fearful.