A Company should be viewed as an unfolding movie, not as a still photograph

Do not take yearly results too seriously. Instead, focus on four or five-year averages.

An IPO is like a negotiated transaction - the seller chooses when to come public - and it's unlikely to be a time that's favourable to you.

Money to some extent sometimes let you be in more interesting environments. But it can't change how many people love you or how healthy you are.

Too often, a vast collection of possessions ends up possessing its owner.

Investing is the greatest business in the world because you never have to swing. You stand at the plate; the pitcher throws you General Motors at 47! U.S. Steel at 39! And nobody calls a strike on you. There's no penalty except opportunity. All day you wait for the pitch you like; then, when the fielders are asleep, you step up and hit it.

Investment decision should be made on the basis of the most probable compounding of after-tax net worth with minimum risk.