In our view, though, investment students need only two well-taught courses-How to Value a Business, and How to Think about Market Prices. Your goal as an investor should simply be to purchase, at a rational price, a part interest in an easily-understandable business who's earnings are virtually certain to be materially higher five, ten and twenty years from now.

Investors have to remember: corporate profits are going up, but stocks are going up faster. How can that continue indefinitely? Investors can only earn what companies themselves can earn; the government or the markets themselves don't kick anything in. How can you get anything more out of a farm than what it grows?

Cash combined with courage in a time of crisis is priceless.

If you are a professional and have confidence, then I would advocate lots of concentration.

Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.

When people tell me they've learned from experience, I tell them the trick is to learn from other people's experience.

I mean, you may be very mad at some guy that walked away with a huge golden parachute, but that really isn't the important thing.