Do not take yearly results too seriously. Instead, focus on four or five-year averages.

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

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

We don't get paid for activity, just for being right. As to how long we'll wait, we'll wait indefinitely.

Always invest for the long term.

Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can't buy what is popular and do well.