When they get their ego involved, people do things they shouldn't do.

We say we are trying to buy into businesses with excellent economics, run by honest and able people at a decent price. We buy very few securities, so we look at it as "focused" investing.

Money is not everything. Make sure you earn a lot before speaking such nonsense.

Market prices for stocks fluctuate at great amplitudes around intrinsic value but, over the long term, intrinsic value is virtually always reflected at some point in market price.

Writing a check separates a commitment from a conversation.

Well, one time some attractive woman sat next to Charlie and asked him what he owed his success to, and, unfortunately, she insisted on a one word answer. He had a speech prepared that would have gone on for several hours. But when forced to boil it down to one word, he said that was "rational". You know, he comes equipped for rationality, and he applies it in business. He doesn't always apply it elsewhere, but he applies it in business and that has made him a huge business success.

Investors, of course, can, by their own behavior make stock ownership highly risky. And many do. Active trading, attempts to "time" market movements, inadequate diversification, the payment of high and unnecessary fees to managers and advisors, and the use of borrowed money can destroy the decent returns that a life-long owner of equities would otherwise enjoy. Indeed, borrowed money has no place in the investor's tool kit.