Activity is the enemy of investment returns.

An investor will succeed by coupling good business judgment with an ability to insulate his thoughts and behavior from the super-contagious emotions that swirl about the marketplace.

Does management resist the institutional imperative?

Don't risk what is important to you, to get what is not important to you.

If you want a government that's going to do the things we ask our government to do, you've got to get it from somebody.

Exercise humility and restraint.

Many stock options in the corporate world have worked in exactly that fashion: they have gained in value simply because management retained earnings, not because it did well with the capital in its hands.