Investment must be rational; if you can't understand it, don't do it.

You will be right, over the course of many transactions, if your hypotheses are correct, your facts are correct, and your reasoning is correct. True conservatism is only possible through knowledge and reason.

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

I wouldn’t mind going to jail if I had three cellmates who played bridge

The nature of democracy is such that when there's - there'll be revulsion, obviously, towards - that's never going to happen again.

You should be unconcerned about short-term price action when you own the securities directly, just as you were unconcerned when you owned them indirectly through BPL. I think about them as businesses, not "stocks", and if the business does all right over the long term, so will the stock.

The market system rewards me outlandishly for what I do, but that doesn't mean I'm any more deserving of a good life than a teacher or a doctor or someone who fights in Afghanistan.