I put heavy weight on certainty. It's not risky to buy securities at a fraction of what they're worth.

You should be unconcerned about short-term price action when you own the securities directly, just as you were unconcerned when you owned them indirectly through BPL. I think about them as businesses, not "stocks", and if the business does all right over the long term, so will the stock.

We really can say no in 10 seconds or so to 90%+ of all the things that come along simply because we have these filters.

When the brothel burns down, even the pretty girls have to run out.

If the reason for doing something is that everyone else is doing it, it's not a good enough reason.

A contrarian approach is just as foolish as a follow-the-crowd strategy. What's required is thinking rather than polling.

Honesty is a very expensive gift, Don't expect it from cheap people.