Read 500 pages every day. That's how knowledge works. It builds up like compound interest.

My favorite time frame for holding a stock is forever.

People who watch their weight, golf scores, and fuel bills seem to shun quantitative evaluation of their investment management skills although it involves the most important client in the world-themselves.

If you owe money, you can't pay them out. You just pay for everything, you do smart things, you eventually get very rich.

In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.

Everybody's got a different circle of competence. The important thing is not how big the circle is. The important thing is staying inside the circle.

It's better to build than to buy if you can find the right people.