No problem can be solved until it is reduced to some simple form. The changing of a vague difficulty into a specific, concrete form is a very essential element in thinking.

All intelligent investing is value investing - acquiring more that you are paying for. You must value the business in order to value the stock

Average investors can become experts in their own field and can pick winning stocks as effectively as Wall Street professionals by doing just a little research.

It can be very expensive to try to convince the markets you are right.

Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it - even though others may hesitate or differ.

It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.