Ben Graham's Mr. Market allegory may seem out-of-date in today's investment world, in which most professionals and academicians talk of efficient...

Catch a man a fish, and you can sell it to him. Teach a man to fish, and you ruin a wonderful business opportunity.

An executive who hedges is like the captain of a ship who sees an iceberg up ahead and heads for his lifeboat without waking the sleeping passengers.

If you aren't certain that you can understand and can value the business far better than Mr. Market you don't belong in the game. As they say in...

A mine is a hole in the ground owned by a liar.

Playing the stock market is analogous to entering a newspaper beauty-judging contest in which one must select the six prettiest faces out of a hundred...

Full-time professionals in other fields, let's say dentists, bring a lot to the layman. But in aggregate, people get nothing for their money from...

The economy depends about as much on economists as the weather does on weather forecasters.

Each time, it's a nice little company, nice people, modestly successful. Then you bring in the VC money - it's like putting jet engines on a VW. They...

Even turkeys can fly high in a strong wind.