cho, page-130

Speaking of brka.

One of the outstanding few lines of the chairmans letter goes like this: A quote known to those followers of the security.
" For me, Ronald Reagan had it right: 'It's probably true that hard work never killed anyone - but why take the chance?'.. So I've taken the easy route, just sitting back and working through great managers who run their own shows. My only tasks are to cheer them on, sculpt and harden our corporate culture, and make major capital allocation decisions."

This is true even if your in equities. Purchase the outstanding businesses. Accumulate at regular intervals and and times when irrational behaviour occurs and maintain focus on them.