Never depend on a single source of income.

In that, we agreed with Andrew Carnegie, who said that huge fortunes that flow in large part from society should in large part be returned to society. In my case, the ability to allocate capital would have had little utility unless I lived in a rich, populous country in which enormous quantities of marketable securities were traded and were sometimes ridiculously mispriced. And fortunately for me, that describes the U.S. in the second half of the last century.

When we really sit back with a smile on our face is when we run into a situation we can understand, where the facts are ascertainable and clear, and the course of action obvious.

The (stock) market is there only as a reference point to see if anybody is offering to do anything foolish. When we invest in stocks, we invest in businesses.

If you don't feel comfortable owning something for 10 years, then don't own it for 10 minutes.

It's us fun being a horse when the tractor comes along, or the blacksmith when the car comes along.

Read Ben Graham and Phil Fisher read annual reports, but don't do equations with Greek letters in them.