When “dumb” money acknowledges its limitations, it ceases to be dumb. - Warren Buffett

It takes twenty years to build a reputation and five minutes to ruin it.

Draw a circle around the businesses you understand and then eliminate those that fail to qualify on the basis of value, good management and limited exposure to hard times. ... Buy into a company because you want to own it, not because you want the stock to go up. ... People have been successful investors because they've stuck with successful companies. Sooner or later the market mirrors the business.

When returns on capital are ordinary, an earn-more-by-putting-up-more record is no great managerial achievement. You can get the same result personally while operating from your rocking chair. Just quadruple the capital you commit to a savings account and you will quadruple your earnings. You would hardly expect hosannas for that particular accomplishment. Yet, retirement announcements regularly sing the praises of CEOs who have, say, quadrupled earnings of their widget company during their reign — with no one examining whether this gain was attributable simply to many years of retained earnings and the workings of compound interest.