The investor of today does not profit from yesterday's growth.

A single year's performance is of minor importance and, good or bad, should never be taken seriously.

Benign neglect, bordering on sloth, remains the hallmark of our investment process.

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.

The difference between successful people and really successful people is that really successful people say no to almost everything.

The one piece of advice I can give you is, do what turns you on. Do something that if you had all the money in the world, you’d still be doing it. You’ve got to have a reason to jump out of bed in the morning.

We would do best in a market where everyone acted foolishly.