Investing is simple, but not easy.

The important thing is to keep playing, to play against weak opponents and to play for big stakes.

My favorite time frame for holding a stock is forever.

People do, as long as you have markets, you'll have excesses.

I want to be able to explain my mistakes. This means I do only the things I completely understand.

Like I say, I don't think it'll be done perfectly. Maybe we'll end up with a little bit better [economy] system.

Calculate "owner earnings" to get a true reflection of value.