Never invest in a business you can't understand.

Basically, the single-most important decision in evaluating a business is pricing power.

Don't invest in pieces of papers (stocks), invest in great businesses underlying them.

Buy a business, don't rent stocks.

The speed at which a business success is recognized, furthermore, is not that important as long as the company's intrinsic value is increasing at a satisfactory rate. In fact, delayed recognition can be an advantage: It may give us the chance to buy more of a good thing at a bargain price.

At age 19, I read a book [The Intelligent Investor] and what I'm doing today, at age 76, is running things through the same thought process I learned from the book I read at 19.