The best thing a company can do is compound capital efficiently over decades. Everything else is noise.

The difference between a business that compounds and one that doesn't is often not the talent of the founder, but the defensibility of the moat—and most founders underestimate how much time it takes to build one.

The difference between a business that compounds and one that doesn't is often not the brilliance of the idea, but the willingness to accept small returns for decades while reinvesting everything. Most people can't do this psychologically.

The best thing a company can do is compound capital efficiently over decades. But the second-best thing is to be so boring that people forget to worry about you.

The best investment is in yourself. But the second-best investment is often in things that are so obvious and so important that nobody is paying attention to them because everyone assumes someone else is handling it.

The big money is not in the buying and selling, but in the waiting. If you have the temperament, you can make a lot of money by sitting on your ass.

The best thing for your long-term results is to be boring. Exciting investing is likely to be bad for your wealth. Most of the time, the best thing to do is nothing.

The big money is not in the buying and selling, but in the waiting. If you have the capital and the patience, you can ride out the volatility and let compounding do the work.

The best investment you can make is in yourself. But most people won't because it's not tangible—you can't point to it on a balance sheet. Yet it compounds faster than any stock.

The best way to think about capital allocation is not how much money you make, but how much you keep after you've paid taxes, inflation, and the cost of maintaining your standard of living.

The best investment you can make is in yourself. But most people won't because it's the one thing they can't see the results from immediately.

The idea that it's hard to wring out the last inch of performance, but the difference between a mediocre business and a great one is often just that last inch of improvement applied over decades.

The big money is not in the buying and selling, but in the waiting. Lethargy bordering on sloth remains the best investment style.

The first rule of compounding: Never interrupt it unnecessarily. The second rule of compounding: Never interrupt it unnecessarily.

The best way to think about capital allocation is not how much money you make, but how much you keep after accounting for the permanent loss of capital. Most investors focus on returns; the best ones obsess over never losing what they've built.

The big money is not in the buying and selling, but in the waiting. Lethargy bordering on sloth should remain the cornerstone of an investment style.

The big money is not in the buying and selling, but in the waiting. Investors often mistake activity for accomplishment.

The best investment you can make is in yourself. But very few people do it, because it's unglamorous and requires a lot of discipline.