Warren Buffett

If you want to soar like an eagle in life, you can't be flocking with the turkeys.

Fear is the foe of the faddist, but the friend of the fundamentalist.

Investment students need only two well-taught courses - How to Value a Business and How to Think About Market Prices

There is no substitute for a local newspaper that is doing its job.

Making money isn't the backbone of our guiding purpose; making money is the by-product of our guiding purpose. If you're doing something you love, you're more likely to put your all into it, and that generally equates to making money

Energy deregulation will be the largest transfer of wealth in history.

Observing that the market was FREQUENTLY efficient, EMT Adherents went on to conclude incorrectly that it was ALWAYS efficient. The difference between these propositions is night and day.

Don't settle for anything other than your passion - if you're lucky enough to find it.

The only question is whether you’re going to do it today or tomorrow. If you keep saying you’re going to do it tomorrow, _x000D_ you’ll never do it. You have to get on it today.

If you can't read the scoreboard. You don't know the score. If you don't know the score, you can't tell the winners from the losers.

Trust is like the air we breathe--when it's present, nobody really notices; when it's absent, everybody notices.

I have worked with investors for 60 years and I have yet to see anyone - not even when capital gains rates were 39.9 percent in 1976-77 - shy away from a sensible investment because of the tax rate on the potential gain.

I always say that in investing you want to buy stock in a company that has a business that's so good that an idiot can run it, because sooner or later one will. We have a country like that.

Intensity is the price of excellence.

The thing to do is to keep your mind when the world around you is losing theirs.

There are certain things that cannot be adequately explained to a virgin either by words or pictures.

Ben's Mr. Market allegory may seem out-of-date in today's investment world, in which most professionals and academicians talk of efficient markets, dynamic hedging and betas. Their interest in such matters is understandable, since techniques shrouded in mystery clearly have value to the purveyor of investment advice. After all, what witch doctor has ever achieved fame and fortune by simply advising 'Take two aspirins'?

Does management resist the institutional imperative?

Too often, executive compensation in the U.S. is ridiculously out of line with performance. That won't change, moreover, because the deck is stacked against investors when it comes to the CEO's pay. The upshot is that a mediocre-or-worse CEO - aided by his handpicked VP of human relations and a consultant from the ever-accommodating firm of Ratchet, Ratchet and Bingo - all too often receives gobs of money from an ill-designed compensation arrangement.

You should invest in a business that even a fool can run, because someday a fool will.

If you don't know jewelry, know the jeweler.