Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them.

The single greatest edge an investor can have is a long-term orientation.

Value investing is at its core the marriage of a contrarian streak and a calculator.

Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.

The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.

In reality, no one knows what the market will do; trying to predict it is a waste of time, and investing based upon that prediction is a speculative undertaking.

Investment success cannot be captured in a mathematical equation or a computer program.

Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient

The near absence of bargains works as a reverse indicator for us. When we find there is little worth buying, there is probably much worth selling.

As Buffett has often observed, value investing is not a concept that can be learned and gradually applied over time. It is either absorbed and adopted at once, or it is never truly learned.

The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent.

A thirst for water may be an oasis in your day.

It should be noted that the EPA's banning of methanol is categorically absurd from the point of view of environmental protection.

All social workers want is to get everyone involved in a programme. Because a programme provides full employment for three generations of social workers. And they mess up.

I thought weirdness was a good thing. I don't mean that defensively, either. I thought it was something to be cultivated.

What can I say? Chicks dig the mask.

The alphabet and print technology fostered and encouraged a fragmenting process, a process of specialism and detachment. Electric technology fosters and encourages unification and involvement.

I can't believe it! Reading and writing actually paid off!

It's a very strange phenomenon being hated by people you've never met. Some journalists just seem to hate me and everything I do, and it's disconcerting because I've never met this person.

I think Elvis Presley will never be solved

It's easier to promote things, if you have fans.