The optimum portfolio depends on the various expectations of choices available and the degree of variance in performance which is tolerable. The greater the number of selections, the less will be the average year-to-year variation in actual versus expected results. Also, the lower will be the expected results, assuming different choices have different expectations of performance.

When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.

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

A CEO's behavior has a huge impact on managers down the line.

When you're associating with the people that you love, doing what you love, it doesn't get any better than that.

Wild swings in share prices have more to do with the "lemming- like" behaviour of institutional investors than with the aggregate returns of the company they own.

... the best way to own common stocks is through an index fund.