We have three baskets for investing: yes, no and too tough to understand.
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.
All intelligent investing is value investing – acquiring more than you are paying for. You must value the business in order to value the stock.
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.
Without numerical fluency, in the part of life most of us inhabit, you are like a one-legged man in an ass-kicking contest.
It's not given to human beings to have such talent that they can just know everything about everything all the time. But it is given to human beings who work hard at it – who look and sift the world for a mispriced bet – that they can occasionally find one.
Determine value apart from price; progress apart from activity; wealth apart from size.
What do you need to start a business? Three simple things: Know your product better than anyone. Know your customer, and have a burning desire to succeed.
A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life.
I refuse to apologize for my ability – I refuse to apologize for my success – I refuse to apologize for my money. If this is evil, make the most of it.
The biggest mistake you could ever make is to think you work for anyone but yourself.
The price of success must be paid in full, in advance.
Most great fortunes are built slowly. They are based on the principle of compound interest, what Albert Einstein called, “The greatest power in the universe.”
To become financially independent you must turn part of your income into capital; turn capital into enterprise; turn enterprise into profit; turn profit into investment; and turn investment into financial independence.
Something will master and something will serve. Either you run the day or the day runs you; either you run the business or the business runs you.
Economic disaster begins with a philosophy of doing less and wanting more.
It’s important to learn from your mistakes, but it is BETTER to learn from other people’s mistakes, and it is BEST to learn from other people’s successes. It accelerates your own success.
Success requires no explanations. Failure permits no alibis.
You can start right where you stand and apply the habit of going the extra mile by rendering more service and better service than you are now being paid for.
The ladder of success is never crowded at the top.