The most important quality for an investor is temperament, not intellect.
Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.
You only have to do a very few things right in your life so long as you don’t do too many things wrong.
Risk comes from not knowing what you’re doing.
The best investment you can make is in yourself.
It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction.
The stock market is designed to transfer money from the active to the patient.
Chains of habit are too light to be felt until they are too heavy to be broken.
In the business world, the rearview mirror is always clearer than the windshield.
Someone is sitting in the shade today because someone planted a tree a long time ago.
Risk is not knowing what you are doing.
The difference between successful people and really successful people is that really successful people say no to almost everything.
Honesty is a very expensive gift. Don’t expect it from cheap people.
It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.
Our favorite holding period is forever.
It is not necessary to do extraordinary things to get extraordinary results.
Price is what you pay. Value is what you get.
Diversification is a protection against ignorance. It makes very little sense for those who know what they’re doing.
The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.
Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.
The most common cause of low prices is pessimism sometimes pervasive, sometimes specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces.
Success is getting what you want, happiness is wanting what you get.
You do things when the opportunities come along. Ive had periods in my life when Ive had a bundle of ideas come along, and Ive had long dry spells. If I get an idea next week, Ill do something. If not, I wont do a damn thing.
The stock market is filled with individuals who know the price of everything, but the value of nothing.
If you dont feel comfortable owning something for 10 years, then dont own it for 10 minutes.
I always knew I was going to be rich. I dont think I ever doubted it for a minute.
The investor of today does not profit from yesterday’s growth.
The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.
After all, you only find out who is swimming naked when the tide goes out.
If past history was all there was to the game, the richest people would be librarians.
I buy expensive suits. They just look cheap on me.
It is optimism that is the enemy of the rational buyer.
We dont have to be smarter than the rest, we have to be more disciplined than the rest.
The best thing I did was to choose the right heroes.
Time is the friend of the wonderful business, the enemy of the mediocre.
Successful investing takes time, discipline, and patience. No matter how great the talent or effort, some things just take time: You can’t produce a baby in one month by getting nine women pregnant.
Honesty is a very expensive gift. Do not expect it from cheap people.
Wall Street is the only place that people ride to in a Rolls-Royce to get advice from those who take the subway.
You cant be a good value investor without being an independent thinker.
It is not necessary to do extraordinary things to get extraordinary results.
The most important investment you can make is in yourself.
In the world of business, the rearview mirror is always clearer than the windshield.
Our favorite holding period is forever.
Risk comes from not knowing what you are doing.
Price is what you pay. Value is what you get.
It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
In the business world, the rearview mirror is always clearer than the windshield.
Invest in as much of yourself as you can, you are your own biggest asset by far.
If you’re in the luckiest 1% of humanity, you owe it to the rest of humanity to think about the other 99%.
Without passion, you don’t have energy. Without energy, you have nothing.
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