Exercise Humility And Restraint.

As An Investor With Small Capital, One Should Prefer Businesses That Have High Returns On Capital And That Require Little Incremental Investment To Grow.

If Book Knowledge Made Great Investors, Than The Librarians Would All Be Rich.

When A Management With Reputation For Brilliance Gets Hooked Up With A Business With A Reputation For Bad Economics, It's The Reputation Of The Business That Remains Intact.

Although We Deal With Probabilities And Expectations, The Actual Results Can Deviate Substantially From Such Expectations, Particularly On A Short-term Basis.

The Greatest Enemies Of The Equity Investor Are Expenses And Emotions.