The real fortunes in this country have been made by people who have been right about the business they invested in, and not right about the timing of the stock market.

My idea of a group decision is to look in the mirror.

You have to be able to communicate in life and probably schools underemphasize that. If you can't talk to people or write, you're giving up your potential.

In our view, though, investment students need only two well-taught courses-How to Value a Business, and How to Think about Market Prices. Your goal as an investor should simply be to purchase, at a rational price, a part interest in an easily-understandable business who's earnings are virtually certain to be materially higher five, ten and twenty years from now.

Other guys read Playboy. I read annual reports.

If you cannot control your emotions, you cannot control your money.

If you knew what was going to happen in the economy, you still wouldn't necessarily know what was going to happen in the stock market.