If you expect to be a net saver during the next 5 years, should you hope for a higher or lower stock market during that period? Many investors get this one wrong. Even though they are going to be net buyers of stocks for many years to come, they are elated when stock prices rise and depressed when they fall. This reaction makes no sense. Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices.

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.

Asset values and earning power are the dominant factors affecting the valuation of a controlling interest in a business. Market price, which governs valuation of minority interest positions, is of little or no importance in valuing a controlling interest.

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

Just imagine living on 21,000 a year. I mean you have 20 percent of the population doing that. So you don't have to worry about guys like me.

When investing, pessimism is your friend, euphoria the enemy.

There are 309 million people out there that are trying to improve their lot in life. And we've got a system that allows them to do it.