We still find very few [stocks] that even mildly interest us. That dismal fact is testimony to the insanity of valuations reached during The Great Bubble. Unfortunately, the hangover may prove to be proportional to the binge.

The investor of today does not profit from yesterday's growth.

Focus on return on equity, not earnings per share.

Do not take yearly results too seriously. Instead, focus on four or five-year averages.

Most business mistakes are irreversible setbacks, but you get another chance. There are two things in life that you don't get another chance at - marrying the wrong person and what you do with your children.

I'd rather have a $10 million business making 15 per cent than a $100 million business making 5 per cent.

Never depend on single income. Make investment to create a second source.