Wall Street makes its money on activity. You make your money on inactivity.

You will be right, over the course of many transactions, if your hypotheses are correct, your facts are correct, and your reasoning is correct. True conservatism is only possible through knowledge and reason.

I have never been able to understand why the tax comes as such a body blow to many people since the rate on long-term capital gain is lower than on most likes of endeavor (tax policy indicated digging ditches is regarded as socially less desirable than shuffling stock certificates).

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

I make no effort to predict the course of general business or the stock market. Period. However, currently there are practices snowballing in the security markets and business world which, while devoid of short term predictive value, bother me as to possible long term consequences.

We've had public companies in the past in that business and they bleed. We've got a lot more blood than they do.

Investment philosophy is the clear understanding that by owning shares of stocks he owns businesses, not pieces of paper.