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.

Success in investing doesn't correlate with I.Q. Once you are above the level of 125; once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing.

The older I get, the more I see a straight path where I want to go. If you're going to hunt elephants, don't get off the trail for a rabbit.

There will continue to be wide discrepancies between price and value in the marketplace, and those who read their Graham and Dodd will continue to prosper.

Here's the essence of risk management: Risk no more than you can afford to lose, and also risk enough so that a win is meaningful. If there is no such amount, don't play.

Investment is most intelligent when it is most businesslike.