Don't invest in pieces of papers (stocks), invest in great businesses underlying them

You pay a very high price in the stock market for a cheery consensus.

The Noah rule: Predicting rain doesn't count; building arks does.

I do not like debt and do not like to invest in companies that have too much debt, particularly long-term debt. With long-term debt, increases in interest rates can drastically affect company profits and make future cash flows less predictable.

I just don't see anything available that gives any reasonable hope of delivering such a good year and I have no desire to grope around, hoping to 'get lucky' with other people's money. I am not attuned to this market environment, and I don't want to spoil a decent record by trying to play a game I don't understand just so I can go out a hero.

In the great majority of cases we simply do not know enough about the industry or company to come to sensible judgments-in that situation we pass.

The greatest investment a young person can make is in their own education, in their own mind. Because money comes and goes. Relationships come and go. But what you learn once stays with you forever.