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.

Honesty is a very expensive gift, Don't expect it from cheap people.

Time is your friend, impulse is your enemy. Take advantage of compound interest and don't be captivated by the siren song of the market.

Never ask a barber if you need a haircut.

Be brave when others are afraid, and afraid when others are brave.

We enjoy the process far more than the proceeds.

We have a country where I don't know whether it's a million households a year or more, but good form.