The difference between investment success and mediocrity is often not intelligence—it's the ability to do nothing when nothing should be done. Most investors feel compelled to act, when the great fortunes are made by inaction.

The best business decision is often the one you don't make. Most of life's errors come from doing too much, not too little. Your job is to say no to a thousand good ideas so you can say yes to the one that matters.

The best business decision is often the one you don't make. Most of life's errors come from doing the wrong thing, not from doing nothing.

The best thing a public company can do is nothing. The second best is to buy back stock when it's cheap. The worst is to overpay for acquisitions or go on acquisition binges.