Always invest for the long term.

Successful Investing takes time, discipline and patience. No matter how great the talent or effort, some things just take time: You can't produce a baby in one month by getting nine women pregnant.

You're working because you want to change the world. You want to make it better. Why isn't the company that you work for, worthy not just of your time but your money as well? I mean, but we don't have a concept of that. That's not how we think about companies, and I think it's sad, because companies are most of our effort. They're where most of people's time is, where a lot of the money is, and so I think I'd like for us to help out more than we are.

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

Long ago, Ben Graham taught me that "Price is what you pay; value is what you get." Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down.

Stocks are the only thing that people are happy to buy when the price goes up.