In the search [of a deal], we adopt the same attitude one might find appropriate in looking for a spouse: It pays to be active, interested, and open-minded, but it does not pay to be in a hurry.

So smile when you read a headline that says "Investors lose as market falls." Edit it in your mind to "Disinvestors lose as market falls-but investors gain." Though writers often forget this truism, there is a buyer for every seller and what hurts one necessarily helps the other. (As they say in golf matches: "Every putt makes someone happy.")

I do know that when I am 60, I should be attempting to achieve different personal goals than those which had priority at age 20.

I was lucky enough to be born in a time and place where society values my talent, and gave me a good education to develop that talent, and set up the laws and the finanical system to let me do what I love doing-and make a lot of money doing it. The least I can do is help pay for all that.

The secret to happiness is having low expectations.

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

Failure comes from ego, greed, envy, fear, imitation. I have success not because I am smart, but because I am rational.