Warren Buffett

Money to some extent sometimes let you be in more interesting environments. But it can't change how many people love you or how healthy you are.

Anything can happen in stock markets and you ought to conduct your affairs so that if the most extraordinary events happen, that you're still around to play the next day.

An investor needs to do very few things right as long as he or she avoids big mistakes.

I knew a lot about what I did when I was 20. I had read a lot, and I aspired to learn everything I could about the subject.

In my view, [the trade deficit] will create political turmoil at some point...Pretty soon, I think there will be a big adjustment.

It's nice to have a lot of money, but you know, you don't want to keep it around forever. I prefer buying things. Otherwise, it's a little like saving sex for your old age.

It's good to learn from your mistakes. It's better to learn from other people's mistakes.

Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life.

Uncertainty is the friend of the buyer of long term values.

Much success can be attributed to inactivity. Most investors cannot resist the temptation to constantly buy and sell.

The important thing is to keep playing, to play against weak opponents and to play for big stakes.

You ought to be able to explain why you’re taking the job you’re taking, why you’re making the investment you’re making, or whatever it may be. And if it can’t stand applying pencil to paper, you’d better think it through some more. And if you can’t write an intelligent answer to those questions, don’t do it.

An investor will succeed by coupling good business judgment with an ability to insulate his thoughts and behavior from the super-contagious emotions that swirl about the marketplace.

We will reject interesting opportunities rather than over-leverage our balance sheet.

Only when you combine sound intellect with emotional discipline do you get rational behavior.

An investor should ordinarily hold a small piece of an outstanding business with the same tenacity that an owner would exhibit if he owned all of that business.

Diversification may preserve wealth, but concentration builds wealth.

Money is not everything. Make sure you earn a lot before speaking such nonsense.

Let blockheads read what blockheads wrote.

You're neither right nor wrong because other people agree with you. You're right because your facts are right and your reasoning is right - that's the only thing that makes you right. And if your facts and reasoning are right, you don't have to worry about anybody else.

Investors making purchases in an overheated market need to recognize that it may often take an extended period for the value of even an outstanding company to catch up with the price they paid.