Investing requires qualities of temperament way more than it requires qualities of intellect.

We do not view the company itself as the ultimate owner of our business assets but instead view the company as a conduit through which our shareholders own assets.

Either they're trying to con you or they're trying to con themselves.

I like to go for cinches. I like to shoot fish in a barrel. But I like to do it after the water has run out.

I don't measure my life by the money I've made. Other people might, but certainly don't.

Stocks are the only thing that people are happy to buy when the price goes up.

To invest successfully, you need not understand beta, efficient markets, modern portfolio theory, option pricing or emerging markets. You may, in fact, be better off knowing nothing of these. That, of course, is not the prevailing view at most business schools, whose finance curriculum tends to be dominated by such subjects. In our view, though, investment students need only two well-taught courses - How to Value a Business, and How to Think About Market Prices.