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

An investment operation is one which, upon thorough analysis promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.

We never want to count on the kindness of strangers in order to meet tomorrow's obligations. When forced to choose, I will not trade even a night's sleep for the chance of extra profits.

I made a fortune getting out too soon.

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

Can you really explain to a fish what it's like to walk on land? One day on land is worth a thousand years of talking about it, and one day running a business has exactly the same kind of value.