With each investment you make, you should have the courage and the conviction to place at least ten per cent of your net worth in that stock

Of one thing be certain: if a CEO is enthused about a particularly foolish acquisition, both his internal staff and his outside advisors will come up with whatever projections are needed to justify his stance. Only in fairy tales are emperors told that they are naked.

Sound investing can make you very wealthy if you're not in too big a hurry

When 40 billion of treasury bills are sold like, seven day treasury bills, at a yield of 1/20th of one percent, that means the whole country is basically at the point virtually, or a lot of the country is at the point of putting the money under the mattress.

You’ve gotta keep control of your time, and you can’t unless you say no. You can’t let people set your agenda in life.

Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years.

Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life. The calculation of intrinsic value, though, is not so simple. As our definition suggests, intrinsic value is an estimate rather than a precise figure, and it is additionally an estimate that must be changed if interest rates move or forecasts of future cash flows are revised.