“The investor of today does not profit from yesterday’s growth.”

“You only have to do a very few things right in your life so long as you don’t do too many things wrong.”

“In a commodity business, it’s very hard to be smarter than your dumbest competitor.”

“Investors making purchases in an overheated market need to recognize that it may often take an extended period for the value of even an outstanding company to catch up with the price they paid.”

“A hyperactive stock market is the pickpocket of enterprise.”

“Valuing a business is part art and part science.”

“Chains of habits are too light to be felt until they are too heavy to be broken.”

“In a commodity business, it’s very hard to be smarter than your dumbest competitor.”

“A hyperactive stock market is the pickpocket of enterprise.”

“Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.”

“Valuing a business is part art and part science.”