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

If some institution wants to sell you a billion dollars worth of mortgages, they might have to sell 100 million in the market, and then you'll buy the other 900 million on the same terms. Now, the very fact that this has been authorized or will be authorized, I hope, will firm up the market to some degree. And that's fine. But you don't want to have artificial prices being paid.

I mean, you know, you're not going to change the human animal. And the human animal really doesn't get a lot smarter.

When you get to my age, you’ll measure your success in life by how many of the people you want to have love you actually do love you. That’s the ultimate test of how you’ve lived your life.

Shares are not mere pieces of paper. They represent part ownership of a business. So, when contemplating an investment, think like a prospective owner.

Equities will do well over time - you just have to avoid getting excited when other people are getting excited.

My job is essentially just corralling more and more and more facts and information, and occasionally seeing whether that leads to some action.