The Stock Market is designed to transfer money from the Active to the Patient.

Diversification may preserve wealth, but concentration builds wealth.

The dumbest reason in the world to buy a stock is because it's going up.

The true investor welcomes volatility ... a wildly fluctuating market means that irrationally low prices will periodically be attached to solid businesses.

There are good examples of companies - Coca-Cola is one - that invested before there was a huge market in countries, and I think that ended up playing out to their benefit for decades to come.

We will make bold rather than timid investment decisions where we see a sufficient probability of gaining market leadership advantages.