Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1.
Price is what you pay. Value is what you get.
The stock market is a device for transferring money from the impatient to the patient.
Risk comes from not knowing what you are doing.
The most important investment you can make is in yourself.
Our favorite holding period is forever.
Someone's sitting in the shade today because someone planted a tree a long time ago.
It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
Diversification is protection against ignorance. It makes little sense if you know what you are doing.
The best investment you can make is in yourself.
When you combine ignorance and leverage, you get some pretty interesting results.
Never invest in a business you cannot understand.
You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ.
The most important quality for an investor is temperament, not intellect.
The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.
Buy into a company because you want to own it, not because you want the stock to go up.
It's only when the tide goes out that you discover who's been swimming naked.