Investing is forgoing consumption now in order to have the ability to consume more at a later date.

If you don’t feel comfortable making a rough estimate of the asset’s future earnings, just forget it and move on. No one has the ability to evaluate every investment possibility. But omniscience isn’t necessary; you only need to understand the actions you undertake.

Calculate "owner earnings" to get a true reflection of value.

I don't want to be on the other side of the table from the customer. I was never selling anything that I didn't believe in myself or use myself.

We have long felt that the only value of stock forecasters is to make fortune-tellers look good.

A pin lies in wait for every bubble. And when the two eventually meet, a new wave of investors learns some very old lessons: First, many in Wall Street (a community in which quality control is not prized) will sell investors anything they will buy. Second, speculation is most dangerous when it looks easiest.

We have learned to turn out lots of goods and services, but we haven't learned as well how to have everybody share in the bounty. The obligation of a society as prosperous as ours is to figure out how nobody gets left too far behind.