Here is part of the tradeoff with diversification. You must be diversified enough to survive bad times or bad luck so that skill and good process can have the chance to pay off over the long term.

Choosing individual stocks without any idea of what you're looking for is like running through a dynamite factory with a burning match. You may live, but you're still an idiot.

The secret to investing is to figure out the value of something - and then pay a lot less.

The more confidence I have in each one of my stock picks, the fewer companies I need to own in my portfolio to feel comfortable.

Look down, not up, when making your initial investment decision. If you don’t lose money, most of the remaining alternatives are good ones.

Remember, it’s the quality of your ideas not the quantity that will result in the big money.

If I plug my estimates into the Magic Formula, and it comes out cheap, that's good.

Figure out what something is worth and pay a lot less.

If you spend your energies looking for and analysing situations not closely followed by other informed investors, your chance of finding bargains greatly increases.

I wait until an investment idea is so good, it hits me over the head like an anvil.

I think the exercise of trying to figure out how to simplify concepts has been incredibly helpful to me over the last 13 years of teaching and I hope my students have benefited from it.

He who profits by villainy, has perpetrated it.

My worst personal problem is that my computer doesn't understand me.

It's so great as an actor to get the opportunity to do something that's incredibly truthful.

I'm going to let my friends in the other parties fight over the turf at the cutting edge of the status quo.

It's better to get mugged than to live a life of fear.

There cannot be any 'story' without a fall - all stories are ultimately about the fall - at least not for human minds as we know them and have them.

Before you can have a share of market, you must have a share of mind.

Flying prevails whenever a man and his airplane are put to a test of maximum performance.

It's never fun to read death threats.

Underneath all civilization, ancient or modern, moved and still moves a sea of magic, superstition, and sorcery. Perhaps they will remain when the works of our reason have passed away.