My favorite time frame for holding a stock is forever.

I'm happy when I can spend every day doing the things that I like to do. That's my luxury.

To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What's needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding that framework. You must supply the emotional discipline.

The ability to say no is a tremendous advantage for an investor.

The first rule is not to lose. The second rule is not to forget the first rule.

Of one thing be certain: if a CEO is enthused about a particularly foolish acquisition, both his internal staff and his outside advisors will come up with whatever projections are needed to justify his stance. Only in fairy tales are emperors told that they are naked.

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