Warren Buffett: Lead-pipe cinches

“There are situations you will see over a long period of time…[where] it would be a mistake—if you’re working with smaller sums—it would be a mistake not to have half your net worth in…. Sometimes in securities, [you] see things that are lead-pipe cinches. And you’re not going to see them often and they’re not going to be talking about them on television or anything of the sort, but there will be some extraordinary things [that] happen in a lifetime where you can put 75 percent of your net worth or something like that in a given situation.”

—Warren Buffett (2008).