It is more important to say "no" to an opportunity, than to say "yes".

I made my first investment at age eleven. I was wasting my life up until then.

Activity is the enemy of investment returns.

An irresistable footnote: in 1971, pension fund managers invested a record 122% of net funds available in equities - at full prices they couldn't buy enough of them. In 1974, after the bottom had fallen out, they committed a then record low of 21% to stocks.

We've got a wonderful economic formula in this country.

Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing.

The best business returns are usually achieved by companies that are doing something quite similar today to what they were doing five or ten years ago.