Focus alone is not enough; putting in the time to commit is also crucial to achieve success.

Basically, the single-most important decision in evaluating a business is pricing power.

You have to be able to communicate in life and probably schools underemphasize that. If you can't talk to people or write, you're giving up your potential.

I have worked with investors for 60 years and I have yet to see anyone - not even when capital gains rates were 39.9 percent in 1976-77 - shy away from a sensible investment because of the tax rate on the potential gain.

Like most trends, at the beginning it's driven by fundamentals, at some point speculation takes over. What the wise man does in the beginning, the fool does in the end.

The secret to happiness is having low expectations.

Never invest in a business you can't understand