The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.

A bull market is like sex. It feels best just before it ends.

Never ask a barber if you need a haircut.

If you want to shoot rare, fast-moving elephants, you should always carry a loaded gun.

Much success can be attributed to inactivity. Most investors cannot resist the temptation to constantly buy and sell.

If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes. Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio's market value.

People will always try to stop you from doing the right thing if it is unconventional.