Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results.

Never invest in a business you don't understand.

In economics, you always want to ask 'And then what?'

You ought to be able to explain why you’re taking the job you’re taking, why you’re making the investment you’re making, or whatever it may be. And if it can’t stand applying pencil to paper, you’d better think it through some more. And if you can’t write an intelligent answer to those questions, don’t do it.

I was lucky enough to be born in a time and place where society values my talent, and gave me a good education to develop that talent, and set up the laws and the finanical system to let me do what I love doing-and make a lot of money doing it. The least I can do is help pay for all that.

An investor should act as though he had a lifetime decision card with just twenty punches on it.

What you really want to do in investments is figure out what's important and knowable. If it's unimportant or unknowable you forget about it.