Warren Buffett

Without passion, you don’t have energy. Without energy, you have nothing.

Nobody buys a farm based on whether they think it’s going to rain next year. They buy it because they think it’s a good investment over 10 or 20 years.

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

If past history was all that is needed to play the game of money, the richest people would be librarians.

Never invest in a business you can’t understand.

I’ve seen more people fail because of liquor and leverage – leverage being borrowed money. You really don’t need leverage in this world much. If you’re smart, you’re going to make a lot of money without borrowing.

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

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

Our favorite holding period is forever.

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

It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

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.

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.

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.

Never invest in a business you can’t understand.

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.