The elements of good trading are cutting losses, cutting losses, and cutting losses.

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.

I did very little marketing. The key is to make your clients money. If you have a good track record, people will find you and knock on your door. Just make your clients money.

If you took our top fifteen decisions out, we'd have a pretty average record. It wasn't hyperactivity, but a hell of a lot of patience. You stuck to your principles and when opportunities came along, you pounced on them with vigor.

We don't get paid for activity, just for being right. As to how long we'll wait, we'll wait indefinitely.

Our investment style has been given a name - focus investing - which implies ten holdings, not one hundred or four hundred. The idea that it is hard to find good investments, so concentrate in a few, seems to me to be an obvious idea. But 98% of the investment world does not think this way. It's been good for us.