It takes 20 years to build a reputation and 5 minutes to ruin it. If you think about that, you’ll do things differently.
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.
Only when you combine sound intellect with emotional discipline do you get rational behavior.
In the business world, the rearview mirror is always clearer than the windshield.
The difference between successful people and really successful people is that really successful people say no to almost everything.
You only find out who is swimming naked when the tide goes out.
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.
Our favorite holding period is forever.
Chains of habit are too light to be felt until they are too heavy to be broken.
Without passion, you don’t have energy. Without energy, you have nothing.
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.
I always knew I was going to be rich. I don’t think I ever doubted it for a minute.
Diversification is a protection against ignorance. It makes very little sense for those who know what they’re doing.
If you are in a poker game and after 20 minutes you don’t know who the patsy is, then you’re the patsy.
Be fearful when others are greedy and greedy when others are fearful.
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.
Risk comes from not knowing what you’re doing.
The rich invest in time, the poor invest in money.
I measure success by how many people love me.
Honesty is a very expensive gift, Don’t expect it from cheap people.
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