The key to success is emotional stability.

Writing a check separates a commitment from a conversation.

If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy.

I've never been very fully employed either.

The American economy is going to do fine. But it won't do fine every year and every week and every month. I mean, if you don't believe that, forget about buying stocks anyway... It's a positive-sum game, long term. And the only way an investor can get killed is by high fees or by trying to outsmart the market.

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.

It's almost impossible to overpay the truly extraordinary CEO... but the species is rare.