It is impossible to unsign a contract, so do all your thinking before you sign.
I checked the actuarial tables, and the lowest death rate is among six-year-olds. So I decided to eat like a six-year-old.
If you understood a business perfectly and the future of the business, you need very little in the way of a margin of safety.
I am a better investor because I am a businessman, and a better businessman because I am no investor.
Do not take yearly results too seriously. Instead, focus on four or five-year averages.
When investing, pessimism is your friend, euphoria the enemy.
If you invested in a very low cost index fund – where you don’t put the money in at one time, but average in over 10 years -you’ll do better than 90% of people who start investing at the same time.
Many stock options in the corporate world have worked in exactly that fashion: they have gained in value simply because management retained earnings, not because it did well with the capital in its hands.
Turnarounds seldom turn.
I buy expensive suits. They just look cheap on me.
Things you like to do should be a hobby of yours, but things the world does should be a business of yours.
You do things when the opportunities come along. I’ve had periods in my life when I’ve had a bundle of ideas come along, and I’ve had long dry spells. If I get an idea next week, I’ll do something. If not, I won’t do a damn thing.
The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.
Nothing sedates rationality like large doses of effortless money.
It is not necessary to do extraordinary things to get extraordinary results.
The investor of today does not profit from yesterday’s growth.
If you don’t know the Jewelry, know the Jeweller.
I do not like debt and do not like to invest in companies that have too much debt, particularly long-term debt. With long-term debt, increases in interest rates can drastically affect company profits and make future cash flows less predictable.
I am a huge bull on this country. We will not have a double-dip recession at all. I see our businesses coming back almost across the board.
The best business returns are usually achieved by companies that are doing something quite similar today to what they were doing five or ten years ago.