We continue to make more money when snoring than when active.

Buy a business, don't rent stocks.

For some reason, people take their cues from price action rather than from values. What doesn't work is when you start doing things that you don't understand or because they worked last week for somebody else. The dumbest reason in the world to buy a stock is because it's going up.

You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ.

Everybody's got a different circle of competence. The important thing is not how big the circle is. The important thing is staying inside the circle.

If knowing history made you rich, librarians would be billionaires.

Cash, though, is to a business as oxygen is to an individual: never thought about when it is present, the only thing in mind when it is absent... When bills come due, only cash is legal tender. Don't leave home without it.