I’ve worked in an economy that rewards someone who saves the lives of others on a battlefield with a medal, rewards a great teacher with thank-you notes from parents, but rewards those who can detect the mispricing of securities with sums reaching into the billions.

I find that the standard of living does not go up in proportion with the cost of living. The trick in life is to do things that are fun all the time.

You have to turn over a lot of rocks to find those little anomalies. You have to find the companies that are off the map - way off the map.

Anything can happen anytime in markets. And no advisor, economist, or TV commentator-and definitely not Charlie nor I-can tell you when chaos will occur. Market forecasters will fill your ear but will never fill your wallet.

You can't make a good deal with a bad person.

Your premium brand had better be delivering something special, or it's not going to get the business.

In our view, though, investment students need only two well-taught courses-How to Value a Business, and How to Think about Market Prices. Your goal as an investor should simply be to purchase, at a rational price, a part interest in an easily-understandable business who's earnings are virtually certain to be materially higher five, ten and twenty years from now.