I've never believed in risking what my family and friends have and need in order to pursue what they don't have and don't need. - Warren Buffett

The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, and then earns little or no money. Think airlines. Here a durable competitive advantage has proven elusive ever since the days of the Wright Brothers. Indeed, if a farsighted capitalist had been present at Kitty Hawk, he would have done his successors a huge favor by shooting Orville down.

Buy a stock the way you would buy a house. Understand and like it such that you’d be content to own it in the absence of any market.

We don’t have to be smarter than the rest. We have to be more disciplined than the rest.