That which is not worth doing at all is not worth doing well.

A pack of lemmings looks like a group of rugged individualists compared with Wall Street when it gets a concept in its teeth.

Investors should be skeptical of history-based models. Constructed by a nerdy-sounding priesthood using esoteric terms such as beta, gamma, sigma and the like, these models tend to look impressive. Too often, though, investors forget to examine the assumptions behind the models. Beware of geeks bearing formulas.

Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.

If you want your business to survive for 100 years, you've got to make it through every single day for 100 years. It's not enough to do it 99.9% of the time.

So if you are evaluating others (or yourself!) in the investment field, think out some standards - apply them - interpret them.

We try to buy businesses with good-to-superb underlying economics run by honest and able people and buy them at sensible prices. That's all I'm trying to do.