You learn in this business: If you want a friend, get a dog

Don’t look for the needle in the haystack. Just buy the haystack!

Investors have been so oversold on diversification that fear of having too many eggs in one basket has caused them to put far too little into companies they thoroughly know and far too much in others which they know nothing about.

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.

Credit means that a certain confidence is given, and a certain trust reposed. Is that trust justified? and is that confidence wise? These are the cardinal questions. To put it more simply credit is a set of promises to pay; will those promises be kept?

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.