Do not let anyone else run your business.

I made a fortune getting out too soon.

I believe that market prices are always wrong in the sense that they present a biased view of the future. But distortion works in both directions: not only do market participants operate with a bias, but their bias can also influence the course of events.

Think for yourself to decide 1) what you want, 2) what is true, and 3) what you should do to achieve #1 in light of #2 ... and do that with humility and open-mindedness so that you can consider the best thinking available to you.

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.

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