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

Managers and investors alike must understand that accounting numbers are the beginning, not the end, of business valuation.

There's no use running if you're on the wrong road.

Consciously paying more for a stock than its calculated value - in the hope that it can soon be sold for a still-higher price - should be labelled speculation

If I got a chance to take one percent of the deal either way, I would make that bet.

It's good to learn from your mistakes. It's better to learn from other people's mistakes.

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.