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

Never ask a barber if you need a haircut.

In the end we must have people to match our principles, not the reverse.

Mr. Market is kind of a drunken psycho. Some days he gets very enthused, some days he gets very depressed. And when he get really enthused you sell to him, and if he gets depressed, you buy from him. There's no moral taint attached to that.

Investing is simple, but not easy.

I mean, they were getting the mortgage of some guy in Omaha, you know, securitized a couple of times. I mean he had all these - they had all these types from Wall Street, you know, and they had advanced degrees, and they look very alert, and they came with these - they came with these things that said gamma and alpha and sigma and all that. And all I can say is beware of geeks, you know, bearing formulas. They've heard that in Europe.

For some reason people take their cues from price action rather than from values. Price is what you pay. Value is what you get.