Investing is laying out money now to get more money back in the future.

You will be right, over the course of many transactions, if your hypotheses are correct, your facts are correct, and your reasoning is correct. True conservatism is only possible through knowledge and reason.

The dumbest reason in the world to buy a stock is because it's going up.

Bull markets and Bear markets can obscure mathematical laws, they cannot repeal them.

In the great majority of cases we simply do not know enough about the industry or company to come to sensible judgments-in that situation we pass.

Investment philosophy is the clear understanding that by owning shares of stocks he owns businesses, not pieces of paper.

The key to life is to figure out who to be the batboy for.