What bad recommendations do people in your field repeat too often?

Yes, but not with a formula. So there are many, many efforts now to decentralize and they create a rigid formula and give people rules from on top and say, 'Now it's yours.' And that isn't worked very well either. … And, you think about the variety. If you look at a countryside, think of the variety out there in terms of the ecological variety. Well, if people are going to manage ecological variety, no single set of rules will work in a semi-arid versus a tropical-wet region. They have to be different.

Most investors, of course, have not made the study of business prospects a priority in their lives. If wise, they will conclude that they do not know enough about specific businesses to predict their future earning power. I have good news for these non-professionals: The typical investor doesn't need this skill. ... The goal of the non-professional should not be to pick winners – neither he nor his "helpers" can do that – but should rather be to own a cross-section of businesses that in aggregate are bound to do well. A low-cost S&P 500 index fund will achieve this goal.

I would come home and ask my mother, my father, my grandparents, my great-grandparents, 'Why?'. And they would say, 'That's the way it is. Don't get in the way, don't get in trouble!'

Right now, we need writers who know the difference between production of a market commodity and the practice of an art. Developing written material to suit sales strategies in order to maximise corporate profit and advertising revenue is not the same thing as responsible book publishing or authorship.

But my own mottos are, “Don’t imagine for a moment that you’re going to be able to express yourself.” ... And most aspiring artists think, “I have something to say.”