Our stay-put behavior reflects our view that the stock market serves as a relocation center at which money is moved from the active to the patient.

If you want your business to survive for 100 years, you've got to make it through every single day for 100 years. It's not enough to do it 99.9% of the time.

Let only individuals contribute - with sensible limits per election. Otherwise, we are well on our way to ensuring that a government of the moneyed, by the moneyed, and for the moneyed shall not perish from the earth.

Traditional wisdom is long on tradition and short on wisdom.

Investment students need only two well-taught courses - How to Value a Business and How to Think About Market Prices

Knowing the edge of your competency is important. If you think you know more than you do, you will get in trouble.

If I subscribed to the efficient market theory I would still be delivering papers