A great investment opportunity occurs when a marvelous business encounters a one-time huge, but solvable problem.

Investment students need only two well-taught courses - How to Value a Business and How to Think About Market Prices.

Investment ideas, like women are often more exciting than punctual.

Never test the depth of river with both the feet.

Investment decision should be made on the basis of the most probable compounding of after-tax net worth with minimum risk.

As an investor with small capital, one should prefer businesses that have high returns on capital and that require little incremental investment to grow.