Director’s Definition
A director who gets $150,000 per year from a company and needs the money is not independent.
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Mimicking the Herd
Mimicking the herd invites regression to the mean.
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Easily Learned Principles
It never ceases to amaze me to see how much territory can be grasped if one merely masters and consistently...
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Reading and Thinking
We both, Warren Buffett and I, insist on a lot of time being available almost every day to just sit...
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Extreme Objectivity
The life of Darwin demonstrates how a turtle may outrun a hare, aided by extreme objectivity.
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Good Ideas Are Hard to Find
Our cash is speaking for itself. If we had a lot of wonderful ideas, we wouldn’t have so much cash.
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Good vs. Bad Investment Ideas
Benjamin Graham used to say, “It’s not the bad investment ideas that fail; it’s the good ideas that get pushed...
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Self-serving Bias
Another thing that does one in, of course, is the self-serving bias to which we’re all subject.
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Margin of Safety
In engineering, people have a big margin of safety. But in the financial world, people don’t give a damn about...
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Learn Vicariously
The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
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Costco vs. Rockefeller Foundation
I believe Costco does more for civilization than the Rockefeller Foundation. I think it’s a better place.
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Dealing with Temporary Unpopularity
If your new behavior gives you a little temporary unpopularity with your peer group, then to hell with them.
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Competition in Investing
The investment game is getting more and more competitive.
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What’s Your Problem?
Let me know what your problem is, and I will try to make it more difficult for you.
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Being a Good Investor
Understanding how to be a good investor makes you a better business manager and vice versa.
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Make the Market Your Servant
The idea of a margin of safety, a Graham precept, will never be obsolete. The idea of making the market...
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Having a Passionate Interest
You need to have a passionate interest in why things are happening. That cast of mind, kept over long periods,...
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No Big Advantages
We don’t have big advantages — no special competence — so we spend almost no time on it.
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Envy Drives the World
I’ve heard Warren say a half a dozen times, “It’s not greed that drives the world, but envy.”
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Charlie and Warren
I’ve been associated with Warren so long, I thought I’d be just a footnote.
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Formal vs. Self-education
Formal education will make you a living. Self-education will make you a fortune.
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Find Joy in Everything
Find joy in everything you choose to do. It’s your responsibility to love it, or change it.
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Discounted Cash Flows
Warren talks about these discounted cash flows. I’ve never seen him do one.
Related Topics: cash, discounted, discounted cash flows, talks, Warren Buffett 
Surviving Bad Management
Good businesses can survive a little bad management.
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Numerical Fluency
Without numerical fluency, in the part of life most of us inhabit, you are like a one-legged man in an...
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Good vs. Bad Ideas
It’s not the bad ideas that do you in, but the good ones.
Related Topics: bad ideas, good, ideas 
Cranky Businesses
A lot of the businesses we buy at Berkshire Hathaway are kind of cranky and old-fashioned like us.
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How to Succeed in Investing
You need patience, discipline, and an ability to take losses and adversity without going crazy.
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Turnover at Berkshire Hathaway
Berkshire has the lowest turnover of any major company in the U.S.
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Very-high-IQ People
Very-high-IQ people can be completely useless. And many of them are.
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Sex Without Love
Sex without love is a meaningless experience, but as far as meaningless experiences go it’s pretty damn good.
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Deliver Maximum Value
Don’t ask more of others than you can deliver yourself.
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The Downside of Litigation
Litigation is notoriously time-consuming, inefficient, costly and unpredictable.
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Begin Doing
The way to get started is to quit talking and begin doing.
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I Used To Do Drugs
I used to do drugs. I still do, but I used to, too.
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