Warren Buffett

Never invest in a business you can’t understand.

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.

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

Risk comes from not knowing what you’re doing.

Chains of habit are too light to be felt until they are too heavy to be broken.

Our favorite holding period is forever.

Never invest in a business you can’t understand.

Successful investing takes time, discipline and patience. No matter how great the talent or efforts, some things just take time. You can’t produce a baby in one month by getting nine women pregnant.

October: This is one of the particularly dangerous months to invest in stocks. Other dangerous months are July, January, September, April, November, May, March, June, December, August and February.

The rich invest in time, the poor invest in money.

There are two times in a man’s life when he should not speculate: when he can’t afford it, and when he can.

Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.

The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.

Our favorite holding period is forever.

Diversification is a protection against ignorance. It makes very little sense for those who know what they’re doing.

It makes more sense to buy a wonderful business at a fair price than it does to buy a fair business at a wonderful price.