Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results.
Buy companies with strong histories of profitability and with a dominant business franchise.
The critical investment factor is determining the intrinsic value of a business and paying a fair or bargain price.
Risk can be greatly reduced by concentrating on only a few holdings.
It is not necessary to do extraordinary things to get extraordinary results.
An investor should ordinarily hold a small piece of an outstanding business with the same tenacity that an owner would exhibit if he owned all of that business.
Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.
An investor needs to do very few things right as long as he or she avoids big mistakes.
A great investment opportunity occurs when a marvelous business encounters a one-time huge, but solvable problem.
With enough insider information and a million dollars, you can go broke in a year.
Sounds simple and straightforward enough even if it's not always easy to do.
Not staying within one's limits, cognitive biases, and the wrong kind of temperament often get in the way.