“Show me the incentive and I will show you the outcome.”

People always underestimate the ability of earth to increase its carrying capacity.

Move only when you have an advantage. It’s very basic. You have to understand the odds and have the discipline to bet only when the odds are in your favor.

I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.

The iron rule of nature is: you get what you reward for. If you want ants to come, you put sugar on the floor.

You’re not going to get very far in life based on what you already know. You’re going to advance in life by what you’re going to learn after you leave here.

The investment game always involves considering both quality and price, and the trick is to get more quality than you pay for in price. It’s just that simple.

Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.

In my whole life, I have known no wise people who didn’t read all the time – none … ZERO.

The average result has to be the average result. By definition, everybody can’t beat the market. As I always say, the iron rule of life is that only 20% of the people can be in the top fifth. That’s just the way it is.

To me, it’s obvious that the winner has to bet very selectively. It’s been obvious to me since very early in life. I don’t know why it’s not obvious to very many other people.

Never, ever, think about something else when you should be thinking about the power of incentives.

Common stock investors can make money by predicting the outcomes of practice evolution. You can’t derive this by fundamental analysis – you must think biologically.

When you locate a bargain, you must ask, ‘Why me, God? Why am I the only one who could find this bargain?’

All I want to know is where I’m going to die, so I’ll never go there.

Go to bed smarter than when you woke up.

Investing is where you find a few great companies and then sit on your ass.