People always should know better. People don't get - they don't get smarter about things that get as basic as greed.

It's easy to identify many investment managers with great recent records. But past results, though important, do not suffice when prospective performance is being judged. How the record has been achieved is crucial.

Two rules: 1. Preserve the principal 2. When in doubt, see Rule #1.

The ideal business is one that earns very high returns on capital and that keeps using lots of capital at those high returns. That becomes a compounding machine.

The first rule is not to lose. The second rule is not to forget the first rule.

A pack of lemmings looks like a group of rugged individualists compared with Wall Street when it gets a concept in its teeth.

Unless your answers are clearly better, copy the answers of your betters.