Buffett’s key takeaway from The Intelligent Investor was this: If you eliminate the downside, then all that remains is the upside. After that, the key is to keep emotions in check and be patient. It really is that simple.

Do you ask what is the proper limit to wealth? It is, first, to have what is necessary, and, second, to have what is enough.

rich have money. The wealthy have control over their time.

Commodity stocks are not long-term investments. They generate alpha in portfolios in a short period of time, driven by a combination of financial and operating leverage, and you exit them not on peak reported earnings but when the expectations of margin improvement peak out. A good time to begin planning your exit from a commodity industry is when

One of the hardest things to do in life is to avoid good opportunities so that you have time to devote to great opportunities—and having the wisdom to know the difference.

Instead, ask yourself, “What is the most important thing I can do today? What is the one thing that would make everything else in my life either easier or unnecessary?”

The right book at the right time will speak to you in a way that the right book at the wrong time just won’t.

When only a single firm in the entire industry is profitable, then the commodity in question may be at or near the bottom of the cycle.

The parable of the Mexican fisherman and the American banker is one of my favorite stories and contains an important life lesson. It is habitual for most of us to build incessantly and forget that the endgame should really be happiness and a fulfilling life. It is equally easy to overlook all the goodness we are surrounded by today. It doesn’t take