It is obvious that the performance of a stock last year or last month is no reason, per se, to either own it or to not own it now. It is obvious that an inability to "get even" in a security that has declined is of no importance. It is obvious that the inner warm glow that results from having held a winner last year is of no importance in making a decision as to whether it belongs in an optimum portfolio this year.

Banking is very good business if you don't do anything dumb.

It irritates the hell out of me but you can't buy love.

The big question about how people behave is whether they've got an Inner Scorecard or an Outer Scorecard. It helps if you can be satisfied with an Inner Scorecard.

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

Shares are not mere pieces of paper. They represent part ownership of a business. So, when contemplating an investment, think like a prospective owner.

Outstanding long-term results are produced primarily by avoiding dumb decisions, rather than by making brilliant ones.