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

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

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.

Do not take yearly results too seriously. Instead, focus on four or five-year averages.

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

Buy a business, don't rent stocks.