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

2. The big money is not in buying or selling, but in the waiting.

3. Like Warren, I had a considerable passion to get rich, not because I wanted Ferrari's - I wanted the independence. I desperately wanted it.

4. We have a passion for keeping things simple.

5. Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you've won.

6. Think of the basic intellectual dishonesty that comes when you start talking about adjusted EBITDA. You're almost announcing you're a flake.

7. If investing wasn't hard, everyone would be rich.

8. You don't have to be brilliant, only a little bit wiser than the other guys, on average, for a long, long time.

9. The desire to get rich fast is pretty dangerous.

10. Those who keep learning will keep rising in life.

11. There is no way you can live an adequate life without making mistakes.

12. Acknowledging what you don't know is the dawning of wisdom.

13. No wise pilot, no matter how great his talent and experience, fails to use a checklist.

14. There is no better teacher than history in determining the future. There are answers worth billions of dollars in 30$ history books.

15. A lot of people with high IQs are terrible investors because they've got terrible temperaments.

16. It's waiting that helps you as an investor and a lot of people just can't stand to wait. If you didn't get the deferred -gratification gene, you've got to work very hard to overcome that.

17. You don't have to be brilliant, only a little bit wiser than the other guys, on average, for a long, long time.

18. One of the greatest ways to avoid trouble is to keep it simple... the system often goes out of control.

19. Knowing what you don't know is more useful than being brilliant.

20. If a business earns 18% on capital over 20 or 30 years, even if you pay an expensive looking price, you’ll end up with a fine result.

21. Forgetting your mistakes is a terrible error if you’re trying to improve your cognition. Reality doesn’t remind you. Why not celebrate stupidities in both categories?

22. You need patience, discipline, and agility to take losses and adversity without going crazy.

23. Everywhere there is a large commission, there is a high probability of a rip-off.

24. It takes character to sit with all that cash and to do nothing. I didn't get to the top where I am by going after mediocre opportunities.

25. We both (Warren Buffett) insist on a lot of time being available almost every day to just sit and think.