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.
The rich invest in time, the poor invest in money.
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.
The difference between successful people and really successful people is that really successful people say no to almost everything.
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.
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.
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.
It is not necessary to do extraordinary things to get extraordinary results.
Only when you combine sound intellect with emotional discipline do you get rational behavior.
If you are in a poker game and after 20 minutes you don’t know who the patsy is, then you’re the patsy.
Honesty is a very expensive gift, Don’t expect it from cheap people.
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.
Chains of habit are too light to be felt until they are too heavy to be broken.
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.
Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No.1.
Be fearful when others are greedy and greedy when others are fearful.
The most important investment you can make is in yourself.
Our favorite holding period is forever.
Without passion, you don’t have energy. Without energy, you have nothing.
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