There are a few investment managers, of course, who are very good - though in the short run, it's difficult to determine whether a great record is due to luck or talent. Most advisors, however, are far better at generating high fees than they are at generating high returns. In truth, their core competence is salesmanship. Rather than listen to their siren songs, investors - large and small - should instead read Jack Bogle's The Little Book of Common Sense Investing.

Two rules: 1. Preserve the principal 2. When in doubt, see Rule #1.

If, when making a stock investment, you're not considering holding it at least ten years, don't waste more than ten minutes considering it.

Never do anything in life if you would be ashamed of seeing it printed on the front page of your hometown newspaper for your friends and family to see.

We rarely use much debt and, when we do, we attempt to structure it on a long-term fixed rate basis. We will reject interesting opportunities rather than over-leverage our balance sheet. This conservatism has penalized our results but it is the only behavior that leaves us comfortable, considering our fiduciary obligations to policyholders, depositors, lenders and the many equity holders who have committed unusually large portions of their net worth to our care.

I always invest in companies an idiot could run, because one day one will.

If you have a harem of 40 women, you never get to know any of them very well.