When a stock doubles, sell half - then what you have is a free position. Then it becomes more of an art form. When you sell depends on individual circumstances.

You find bargains among the unpopular things, the things that everybody hates. The key is that you must have patience.

Why will someone sell you a dollar for 50 cents? Because in the short run, people are irrational on both the optimistic and pessimistic side.

There is almost always a major blip for whatever reason and we have learnt to expect it and not to panic.

The most important attribute for success in value investing is patience, patience, and more patience. The majority of investors do not possess this characteristic.

The company must be paying dividends. Preferably the dividend will have been increasing and have been paid for some time.

The share price must be less than book value. Preferably it will be less than net working capital less long term debt.

Protect the downside. Worry about the margin of safety.

Sooner or later, the market will do what it has to do to prove the majority wrong.

If it is cheap enough, we don't care what it is.

All we try to do is buy a dollar for 40 cents.

The boy I fell madly in love with – the boy made entirely of goodness and light – has been snuffed out by the bloodthirsty creature that glowers before me.

It was strange walking through the empty apartment. My battered purple room was gone, Brittany’s bruised blue was gone. Two coats covered everything. It was like none of it had ever happened.

Anything on paper is obsolete!

Kilbane's head is better than his feet. If only he had three heads, one on the end of each leg.

Nothing so consumes a person as meaningless exertion

You think school ends when it ends, but it doesn't.

As you get older, it's always a process of self-love, learning how to really do that for yourself instead of trying to find it outside yourself.

If you know how rich you are, you are not a billionaire.

Some of the most profound truths about us are things that we stop saying in the middle.

Naturally, we will continue to offer very powerful vehicles in the future. Nevertheless, no other manufacturer has reduced the CO2 emissions of its fleet as substantially as the BMW Group.