Investors should remember that excitement and expenses are their enemies.

All there is to investing is picking good stocks at good times and staying with them as long as they remain good companies.

I am a better investor because I am a businessman, and a better businessman because I am no investor.

The approach and strategies are very similar in that you gather all the information you can and then keep adding to that base of information as things develop. You do whatever the probabilities indicated based on the knowledge that you have at that time, but you are always willing to modify your behaviour or your approach as you get new information. In bridge, you behave in a way that gets the best from your partner. And in business, you behave in the way that gets the best from your managers and your employees.

If you don't feel comfortable owning something for 10 years, then don't own it for 10 minutes.

You have to turn over a lot of rocks to find those little anomalies. You have to find the companies that are off the map - way off the map.

Mr. Market is kind of a drunken psycho. Some days he gets very enthused, some days he gets very depressed. And when he get really enthused you sell to him, and if he gets depressed, you buy from him. There's no moral taint attached to that.