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" Without doubt, timely and democratic access to financial and market information contributes to smoothly functioning financial markets. "

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" As in most subjects relating to money management, there's a wide diversity of opinion on portfolio concentration versus diversification. "

" Investing is a probabilistic business. Every once in a while, it's sort of like you're throwing six-sided dice, and anything except a one or a two, you're doing well. Statistically speaking, you throw the dice enough times, you're going to throw a one or a two five times in a row, and you're going to look pretty foolish, right? "

" No one would suggest completely ignoring news about your investments. Enron investors, for example, would have been well served to sell once early reports of accounting irregularities surfaced. But the key is to keep news in context and act only if further reflection or study indicates that the core thesis for an investment has changed. "

" I love and celebrate good teachers, and it's critical that we do more to identify them and keep them happy and motivated. "

" The deal machinations many companies put themselves through, while certainly a bonanza for investment bankers, can confound the typical investor. "

" I'd say the general outline of a sound investment approach is, first of all, you have to decide are you going to try to be an investor yourself? The answer for most people is probably they shouldn't try. You should put your money in index funds and not try to be a stock picker. "

" While everyone would love to have that perfect portfolio of stocks that can be bought and held forever, it usually does not work out that way. Markets, technology, and businesses change too quickly to put portfolios on autopilot. "

" The relative illiquidity of small-company shares - which often contributes to their being undervalued - also increases their volatility. "

" You just have to approach every day and say, 'If you were starting fresh today, what would my portfolio look like?' So that's how we think about it. "

" My experience is that very few people have what it takes to be a successful investor, as I discussed in The Arrogance of Stock Picking. "

" Because I'm a very public figure, everybody knows what my returns are. "

" One can't be a successful investor without a healthy dose of confidence. To commit your own and others' hard-earned capital requires conviction, and conviction requires confidence. But as with fine brandy or coffee ice cream, too much of a good thing can be problematic. "

" Nirvana, to a value investor, is paying a cheap price for a company that is growing in value every year at a nice rate - this largely explains why today we own stocks like Berkshire Hathaway, McDonald's, Wal-Mart, Microsoft, Costco and Anheuser-Busch. "

" Assessing management quality is clearly one of the most important aspects of an investment decision. "

" When high-growth companies slow down, growth and momentum junkies often sell indiscriminately, which can create great opportunities for value investors. Just be careful not to anchor on the stock's previous price or earnings multiple, which are no longer relevant. "

" Most chief executives rise to that position by being good operating managers. Few have extensive experience or training with capital allocation. What CEO wants to return excess cash to shareholders when it could be used to expand his or her empire? "

" I have long believed the corporate world is plagued by poor capital allocation decisions. "

" I have never believed that large-cap stocks are too well followed to be anything but efficiently priced. "

" I am part of the 1 percent of the 1 percent. By that, I mean that I am fortunate to be a wealthy American, and I say, 'It's okay to raise my taxes.' "

" The consequences of overestimating a company and your ability to analyse it are greatly diminished when you're paying a lot less for it than your analysis shows it is worth. "

" Early in my career, we were just pure bottoms-up stock pickers. "

" My advice to most people is don't short stocks. It's a very, very difficult business. And you can really get clobbered. "

" We call ourselves 'opportunistic value investors.' "

" Even the greatest companies encounter problems or otherwise fall out of favour. "

" Just because a company's future is highly uncertain doesn't mean an investment in it is risky. In fact, some of the best potential investments are highly uncertain but have little risk of permanent capital loss. "

" When it comes to owning stocks of the best-known businesses in the world, value investors usually feel like children looking through the window of the candy store, unable to afford the treats inside because they refuse to pay the prices such high-quality franchises typically bear. "

" Parents are, of course, most important in shaping their children's lives, but teachers are critically important as well. Who among us doesn't look back on a few great teachers who inspired us, opened up new worlds, and helped make us who we are? "

" Dealing with uncertainty is always a key challenge for investors. But dealing with uncertainty doesn't mean avoiding it - on the contrary, it is often fuzziness about a company's future that creates the type of opportunity bargain-hunting investors cherish. "

" In the game of politics, both parties are sometimes guilty of passing really stupid laws that, in reality, are purely symbolic and have no real impact on anyone. "

" I have encountered thousands of value investors over the years and am constantly struck by their differences - and their similarities. "