An investor should ordinarily hold a small piece of an outstanding business with the same tenacity that an owner would exhibit if he owned all of that business.

If you cannot control your emotions, you cannot control your money.

Focus on return on equity, not earnings per share.

I look at everything. That's my job. I really do, every day. I think about everything.

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.

There are certain things that cannot be adequately explained to a virgin either by words or pictures.

Risk can be greatly reduced by concentrating on only a few holdings.