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

Just imagine living on 21,000 a year. I mean you have 20 percent of the population doing that. So you don't have to worry about guys like me.

A great investment opportunity occurs when a marvelous business encounters a one-time huge, but solvable problem.

People went crazy with tulip bulbs. They went crazy with the South Sea Bubble, they went crazy internet stocks, they went crazy with the uranium stocks back when I was first getting started.

If principles can become dated, they're not principles.

Diversification is protection against ignorance. It makes little sense if you know what you are doing.

As far as you are concerned, the stock market does not exist. Ignore it.