There are certain things that cannot be adequately explained to a virgin either by words or pictures.

Consciously paying more for a stock than its calculated value - in the hope that it can soon be sold for a still-higher price - should be labelled speculation

I don't have my diploma from the University of Nebraska hanging on my office wall, and I don't have my diploma from Columbia up there either-but I do have my Dale Carnegie graduation certificate proudly displayed.

Our policy is to concentrate holdings. We try to avoid buying a little of this or that when we are only lukewarm about the business or its price. When we are convinced as to attractiveness, we believe in buying worthwhile amounts.

Time is your friend, impulse is your enemy. Take advantage of compound interest and don't be captivated by the siren song of the market.

The big question about how people behave is whether they've got an Inner Scorecard or an Outer Scorecard. It helps if you can be satisfied with an Inner Scorecard.

During inflation, Goodwill is the gift that keeps on giving.