Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.

Buy companies with strong histories of profitability and with a dominant business franchise.

Unless your answers are clearly better, copy the answers of your betters.

In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.

Consciously paying more for a stock than its calculated value - in the hope that it can soon be sold for a still-higher price - should be labelled speculation

I have always cautioned partners that I considered three years a minimum in determining whether we were "performing".

Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.