To win, the first thing you have to do is not lose.

There is nothing like writing to force you to think and get your thoughts straight.

If you gave me the choice of being CEO of General Electric or IBM or General Motors, you name it, or delivering papers, I would deliver papers. I would. I enjoyed doing that. I can think about what I want to think. I don't have to do anything I don't want to do.

Truly conservative actions arise from intelligent hypotheses, correct facts and sound reasoning.

I read annual reports of the company I'm looking at and I read the annual reports of the competitors - that is the main source of material.

If you don’t feel comfortable making a rough estimate of the asset’s future earnings, just forget it and move on. No one has the ability to evaluate every investment possibility. But omniscience isn’t necessary; you only need to understand the actions you undertake.

Risk is a part of God's game, alike for men and nations.