Asset-heavy businesses generally earn low rates of return - rates that often barely provide enough capital to fund the inflationary needs of the existing business, with nothing left over for real growth, for distribution to owners, or for acquisition of new businesses

Although we deal with probabilities and expectations, the actual results can deviate substantially from such expectations, particularly on a short-term basis.

Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing.

A low-cost index fund is the most sensible equity investment for the great majority of investors. My mentor, Ben Graham, took this position many years ago, and everything I have seen since convinces me of its truth.

If you can eliminate the government as a 39.6% partner, then you will be much better off.

In earlier years, a lesser effort produced literally dozens of comparable opportunities. It is difficult to be objective about the causes for such diminution of one's own productivity. Three factors that seem apparent are: (1) a somewhat changed market environment; (2) our increased size; and (3) substantially more competition.

If you want to shoot rare, fast-moving elephants, you should always carry a loaded gun.