Ignore the stock market, ignore the economy, and buy a business you understand.

We will reject interesting opportunities rather than over-leverage our balance sheet.

The first rule is not to lose. The second rule is not to forget the first rule.

If you don’t feel comfortable making a rough estimate of the asset’s future earnings, just forget it and move on. No one has the ability to evaluate every investment possibility. But omniscience isn’t necessary; you only need to understand the actions you undertake.

Much success can be attributed to inactivity. Most investors cannot resist the temptation to constantly buy and sell.

Long ago, Ben Graham taught me that "Price is what you pay; value is what you get." Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down.

I mean, if Pearl Harbor came along, you could have said the planning was wrong by the military ahead of time or maybe the battleships shouldn't have all been in the harbor and all that kind of thing.