Risk can be greatly reduced by concentrating on only a few holdings.

Never lie under any circumstances.

Never ask a barber if you need a haircut.

Our favorite holding period is forever.

Knowing the edge of your competency is important. If you think you know more than you do, you will get in trouble.

Take the job you would take if you were independently wealthy. You're going to do well at it.

[The U.S. Treasury] can borrow basically unlimited amounts. They can stay there for years and years. These assets will be worth more money over time. So when Merrill Lynch sells a bunch of mortgage-related assets at 22 cents on the dollar like they did a month or so ago, the buyer goes - is going to make money, and he's going to make a lot more money if it happens to be an institution like the U.S. government which has very, very cheap borrowing costs.