Outstanding long-term results are produced primarily by avoiding dumb decisions, rather than by making brilliant ones.

The smartest side to take in a bidding war is the losing side.

Our favorite holding period is forever.

We're perfectly willing to trade away a big payoff for a certain payoff.

Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.

The only value of stock forecasters is to make fortune tellers look good.