We have a country where I don't know whether it's a million households a year or more, but good form.

Failure comes from ego, greed, envy, fear, imitation. I have success not because I am smart, but because I am rational.

I've often felt there might be more to be gained by studying business failures than business successes.

You’ve gotta keep control of your time, and you can’t unless you say no. You can’t let people set your agenda in life.

Too often, a vast collection of possessions ends up possessing its owner. The asset I most value, aside from health, is interesting, diverse, and long-standing friends.

A low-cost index fund is the most sensible equity investment for the great majority of investors. My mentor, Ben Graham, took this position many years ago, and everything I have seen since convinces me of its truth.

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.