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.
Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years.
When forced to choose, I will not trade even a night's sleep for the chance of extra profits.
I buy expensive suits - they just look cheap on me.
Do not save what is left after spending, but spend what is left after saving.
It is not necessary to do extraordinary things to get extraordinary results.
A public-opinion poll is no substitute for thought.
I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.
Derivatives are financial weapons of mass destruction.
Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.
We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.
Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.
The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.
The investor of today does not profit from yesterday's growth.
When you combine ignorance and leverage, you get some pretty interesting results.
Time is the friend of the wonderful company, the enemy of the mediocre.
Nothing sedates rationality like large doses of effortless money.
Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.
The best thing that happens to us is when a great company gets into temporary trouble...We want to buy them when they're on the operating table.
I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.
Risk can be greatly reduced by concentrating on only a few holdings.
Risk is a part of God's game, alike for men and nations.
Diversification is protection against ignorance. It makes little sense if you know what you are doing.
If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy.
In a bull market, one must avoid the error of the preening duck that quacks boastfully after a torrential rainstorm, thinking that its paddling skills have caused it to rise in the world. A right-thinking duck would instead compare its position after the downpour to that of the other ducks on the pond.
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