The best investment you can make is in yourself.

Investors have to remember: corporate profits are going up, but stocks are going up faster. How can that continue indefinitely? Investors can only earn what companies themselves can earn; the government or the markets themselves don't kick anything in. How can you get anything more out of a farm than what it grows?

If we have a strength, it is in recognizing when we are operating well within our circle of competence and when we are approaching the perimeter.

You need a lot of curiosity for a long, long time.

In some corner of the world they are probably still holding regular meetings of the Flat Earth Society. We derive no comfort because important people, vocal people, or great numbers of people agree with us. Nor do we derive comfort if they don't.

You should invest in a business that even a fool can run, because someday a fool will.

Does the business have favourable long term prospects?