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.

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

It is more important to say "no" to an opportunity, than to say "yes".

Never invest in a business you can't understand.

The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.

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