Older analysts know too much that is false
“(One observer commenting on security analysts over forty stated: ‘They know too many things that are no longer true.’)”
Investing
Warren Buffett's May 1969 letter to Buffett Partnership partners, one of the letters in Buffett Partnership Letters, 1957–1970.
The only way to slow down is to stop
“I can't help being competitive. I know I don't want to be totally occupied with out-pacing an investment rabbit all my life. The only way to slow down is to stop.”
No selling good businesses for a fancy price
“I certainly have no desire to sell a good controlled business run by people I like and admire, merely to obtain a fancy price.”
Selective reporting is worse than admitting boners
“Documenting one's boners is unpleasant business. I find 'selective reporting' even more distasteful.”
Not risking a record on an unfamiliar game
“I am not attuned to this market environment and I don't want to spoil a decent record by trying to play a game I don't understand just so I can go out a hero.”