Wide diversification is only required when investors do not understand what they are doing.

The stock market is a wonderfully efficient mechanism for transferring wealth from the impatient to the patient.

When investing, pessimism is your friend, euphoria the enemy.

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

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.