"Being rational is a moral imperative. You should never be stupider than you need to be."

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

"Whenever you think something or some person is ruining your life, it's you. A victimization mentality is so debilitating."

"In my whole life, I have known no wise people ... who didn't read all the time. ... You'd be amazed at how much Warren reads, at how much I read. My children laugh at me. They think I'm a book with a couple of legs sticking out."

"We look for a horse with one chance in two of winning and which pays you three to one."

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

"Recognize reality even when you don't like it. Especially when you don't like it."

Focus on Strengths

"We have to have a special insight, or we'll put it in the 'too tough' basket. All of you have to look for a special area of competency and focus on that."

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

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

"Remember that reputation and integrity are your most valuable assets, and can be lost in a heartbeat."

"There's no way that you can live an adequate life without making many mistakes."

"If it is wisdom you're after, you're going to spend a lot of time on your ass reading."