We try to exert a Ted Williams kind of discipline. In his book The Science of Hitting, Ted explains that he carved the strike zone into 77 cells, each the size of a baseball. Swinging only at balls in his "best" cell, he knew, would allow him to bat .400; reaching for balls in his "worst" spot, the low outside corner of the strike zone, would reduce him to .230. In other words, waiting for the fat pitch would mean a trip to the Hall of Fame; swinging indiscriminately would mean a ticket to the minors.

I'm happy when I can spend every day doing the things that I like to do. That's my luxury.

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

Stocks of companies selling commodity-like products should come with a warning label: "Competition may prove hazardous to human wealth".

Beware of geeks bearing formulas.

Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.

I do not like debt and do not like to invest in companies that have too much debt, particularly long-term debt. With long-term debt, increases in interest rates can drastically affect company profits and make future cash flows less predictable.