Investing in a market where people believe in efficiency is like playing bridge with someone who has been told it doesn't do any good to look at the cards.

We also believe candour benefits us as managers. The CEO who misleads often in public eventually misleads himself in private.

Managers that always promise to 'make the numbers' will at some point be tempted to make up the numbers.

Time is the friend of the wonderful company, the enemy of the mediocre.

Investors... can't pick stocks that are better than average. Stocks are a good thing to own over time. There's only two things you can do wrong: You can buy the wrong ones, and you can buy or sell them at the wrong time. And the truth is you never need to sell them.

Don't risk what is important to you, to get what is not important to you.

Don't settle for anything other than your passion - if you're lucky enough to find it.