It is to our advantage to have securities do nothing price-wise for months, or perhaps years, while we are buying them.

This economy doesn't work well without the lubrication of credit and trust.

Investing is forgoing consumption now in order to have the ability to consume more at a later date.

The future is never clear; you pay a very high price in the stock market for a cheery consensus. Uncertainty actually is the friend of the buyer of long-term values.

You don't need to be an expert in order to achieve satisfactory investment returns. But if you aren't, you must recognize your limitations and follow a course certain to work reasonably well. Keep things simple and don't swing for the fences.

In fact, in my adult lifetime, I don't think I've ever seen people as fearful economically as they are right now.

When I take a look at a company's annual report, if I don't understand it, they don't want me to understand it.