Quotes

Every basis point of return -- let alone every 100 basis points -- has a staggering difference in outcomes in the long run. That's why you stay focused on the long term and the rate of return; that is where the difference is, that is what you want and need to capture.

Sometimes common sense tells us what statistics cannot.

The first thing I heard when I got in the business, not from my mentor, was bulls make money, bears make money, and pigs get slaughtered. I'm here to tell you I was a pig. And I strongly believe the only way to make long-term returns in our business that are superior is by being a pig.

Discrepancies -- and hence opportunities -- in securities originate most often when events move faster than quotations.

I am convinced that an individual investor with sound principles, and soundly advised, can do distinctly better over the long pull than a large institution.

I find that retirement savings is individual specific. There's not one cookie-cutter answer for everybody.

It's not earnings changes that cause stock price changes, but earnings changes that come as a surprise.

One of my life principles is that the only way you can live life is by dealing with what is, and not with what might have been. So that's the way I've tried to deal with setbacks.

If it's a choice between investing in a good company in a great industry, or a great company in a lousy industry, I'll take the great company in the lousy industry any day. Good management, a strong balance sheet, and a sensible plan of action will overcome many obstacles, but when you've got weak management, a weak balance sheet, and a misguided plan of action, the greatest industry in the world won't bail you out.

Buy only what you understand, believe in, and intend to stick with -- even when others are chasing the next miracle.

Most people who have been really successful in the securities markets say the same thing -- that they're not smart enough to get into the market and out of it. So they tend to remain more or less in the market at all times.

I don't want to spend my time trying to earn a lot of little profits. I want very, very big profits that I'm ready to wait for.