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.
It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.
In the business world, the rearview mirror is always clearer than the windshield.
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.
The best thing I did was choose the right heroes.
It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
You only have to do a very few things right in your life so long as you don't do too many things wrong.
The difference between successful people and really successful people is that really successful people say no to almost everything.
Diversification is protection against ignorance. It makes little sense if you know what you are doing.
Honesty is a very expensive gift. Don't expect it from cheap people.
If past history was all that is needed to play the game of money, the richest people would be librarians.
The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.
You do things when the opportunities come along. I've had periods in my life when I've had a bundle of ideas come along, and I've had long dry spells. If I get an idea next week, I'll do something. If not, I won't do a damn thing.
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.
When you combine ignorance and leverage, you get some pretty interesting results.
Never invest in a business you cannot understand.
Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.
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.
It's not necessary to do extraordinary things to get extraordinary results.
We enjoy the process far more than the proceeds.
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.
