When I first started in business, I didn't know when it was time to move on. But I learned a lot about what I call the return-on-invested-brain-damage calculation. If the return isn't high enough to justify the brain damage, I won't spend the time. Investing is one of the few things you can learn on your own.

Someone's sitting in the shade today because someone planted a tree a long time ago.

In fact, when we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.

For any company, you need to have an overarching philosophy to guide operations for profitability.

The ancient Greek dramatist Euripides said, 'The best of seers is he who guesses well.

Never mingle your speculative and investment operations in the same account, nor in any part of your thinking.