The financial calculus that Charlie and I employ would never permit our trading a good night's sleep for a shot at a few extra percentage points of return. I've never believed in risking what my friends and family have and need in order to pursue what they don't have and don't need.

The ability to say no is a tremendous advantage for an investor.

The reaction of weak management to weak operations is often weak accounting.

Sound investing can make you very wealthy if you're not in too big a hurry

So some guy may know how to make money in cocoa beans, but I don't so I just let him have that. But it's got to be something I understand. It's got to be a business with fundamentally good economics. It's got to be a management that I like and trust and admire. And it's got to be a price that makes sense.

As an investor with small capital, one should prefer businesses that have high returns on capital and that require little incremental investment to grow.

Continually challenge and be willing to amend your best loved ideas.