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

Investment must be rational; if you can't understand it, don't do it.

Shares are not mere pieces of paper. They represent part ownership of a business. So, when contemplating an investment, think like a prospective owner.

What an investor needs is the ability to correctly evaluate selected businesses. Note that word “selected”: You don't have to be an expert on every company, or even many. You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important; knowing its boundaries, however, is vital.

The smarter the journalists are, the better off society is.

We like to buy businesses, but we don't like to sell them.

An investor needs to do very few things right as long as he or she avoids big mistakes.