Diversification may preserve wealth, but concentration builds wealth.

The greatest Enemies of the Equity investor are Expenses and Emotions.

Gold is a way of going long on fear, and it has been a pretty good way of going long on fear from time to time. But you really have to hope people become more afraid in a year or two years than they are now. And if they become more afraid you make money, if they become less afraid you lose money, but the gold itself doesn’t produce anything.

Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results.

I'm always interested in understanding the math of things and understanding as much as I can about all aspects of business. And what I learn today may be useful to me two years from now. That's really the wonderful thing about investments is your knowledge is cumulative.

What you really want to do in investments is figure out what's important and knowable. If it's unimportant or unknowable you forget about it.

All day you wait for the pitch you like; then when the fielders are asleep, you step up and hit it.