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.

Buy a business, don't rent stocks.

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

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

Never invest in a business you can't understand.