Learn from the failures

It's customary in business schools to study business successes. But my partner, Charles Munger, says all he wants to know is where he's going to die - so he won't ever go there.

- Warren Buffett

If you can't understand

Investment must be rational; if you can't understand it, don't do it.

- Warren Buffett

Value investing ideas seem so simple

Value investing ideas seem so simple and commonplace. It seems like a waste to go to school and get a Ph.D. in economics. It's a little like spending eight years in divinity school and having someone tell you the Ten Commandments are all that matter.

- Warren Buffett

Past doesn't always tell the future

You can't see the future through a rear view mirror.

- Peter Lynch

High growth doesn't continue forever

In a finite world, high growth rates must self-destruct. If the base from which the growth is taking place is tiny, this law may not operate for a time. But when the base balloons, the party ends: A high growth rate eventually forges its own anchor.

- Warren Buffett

Right now, not in future

We want to be right on something that will work right now, not something that might work in the future.

- Warren Buffett

Weak accounting

First, beware of companies displaying weak accounting. If a company still does not expense options, or if its pension assumptions are fanciful, watch out. When managements take the low road in aspects that are visible, it is likely they are following a similar path behind the scenes. There is seldom just one cockroach in the kitchen.

- Warren Buffett