In our view, derivatives are financial weapons of mass destruction carrying dangers that, while latent, are potentially lethal.

You don't have to be a genius to invest well

The stockmarket is a semi-psychotic creature given to extremes of elation and despair.

Never get too hung up on mistakes.

Charlie and I have a number of filters that things have to get through before we'll think about them.

The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, and then earns little or no money. Think airlines. Here a durable competitive advantage has proven elusive ever since the days of the Wright Brothers. Indeed, if a farsighted capitalist had been present at Kitty Hawk, he would have done his successors a huge favor by shooting Orville down.

An investor will succeed by coupling good business judgment with an ability to insulate his thoughts and behavior from the super-contagious emotions that swirl about the marketplace.