Take a simple idea and take it seriously.
The big money is not in the buying and selling, but in the waiting.
It takes character to sit there with all that cash and do nothing. I didn’t get to where I am by going after mediocre opportunities.
We have three baskets for investing: yes, no and too tough to understand.
No wise pilot, no matter how great his talent and experience, fails to use his checklist.
What you have to learn is to fold early when the odds are against you, or if you have a big edge, back it heavily because you don’t get a big edge often. Opportunity comes, but it doesn’t come often, so seize it when it does come.
Almost all good businesses engage in ‘pain today, gain tomorrow’ activities.
There are always people who will be better at something than you are. You have to learn to be a follower before you become a leader.
All intelligent investing is value investing – acquiring more than you are paying for. You must value the business in order to value the stock.
Recognize reality even when you don’t like it – especially when you don’t like it.
Spend each day getting a little wiser than you were when you woke up. Discharge your duties faithfully and well. Step by step you get ahead, but not necessarily in fast spurts. But you build discipline by preparing for fast spurts. Slug it out one inch at a time, day by day. At the end of the day – if you live long enough – most people get what they deserve.
Never, ever, think about something else when you should be thinking about the power of incentives.