Returns Decrease As Motion Increases.

You Know ... You Keep Doing The Same Things And You Keep Getting The Same Result Over And Over Again.

The (stock) Market Is There Only As A Reference Point To See If Anybody Is Offering To Do Anything Foolish. When We Invest In Stocks, We Invest In Businesses.

The Fundamental Basis Of Above-average Performance In The Long Run Is Sustainable Competitive Advantage.

Only When You Combine Sound Intellect With Emotional Discipline Do You Get Rational Behavior.

You Will Be Right, Over The Course Of Many Transactions, If Your Hypotheses Are Correct, Your Facts Are Correct, And Your Reasoning Is Correct. True Conservatism Is Only Possible Through Knowledge And Reason.