If horses had controlled investment decisions, there would have been no auto industry.

Never invest in a business you don't understand.

Charlie and I have a number of filters that things have to get through before we'll think about them.

I read annual reports of the company I'm looking at and I read the annual reports of the competitors - that is the main source of material.

You could take all the gold that's ever been mined, and it would fill a cube 67 feet in each direction. For what that's worth at current gold prices, you could buy all -- not some -- all of the farmland in the United States. Plus, you could buy 10 Exxon Mobils, plus have $1 trillion of walking-around money. Or you could have a big cube of metal. Which would you take? Which is going to produce more value?

Don't pass up something that's attractive today because you think you will find something way more attractive tomorrow.

One of the ironies of the stock market is the emphasis on activity. Brokers, using terms such as 'marketability' and 'liquidity,' sing the praises of companies with high share turnover... but investors should understand that what is good for the croupier is not good for the customer. A hyperactive stock market is the pick pocket of enterprise.