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.
The rich invest in time, the poor invest in money.
I measure success by how many people love me.
Diversification is a protection against ignorance. It makes very little sense for those who know what they’re doing.
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’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
If past history was all that is needed to play the game of money, the richest people would be librarians.
It is not necessary to do extraordinary things to get extraordinary results.
It takes 20 years to build a reputation and 5 minutes to ruin it. If you think about that, you’ll do things differently.
Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.
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 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.
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.
The most important investment you can make is in yourself.
The difference between successful people and really successful people is that really successful people say no to almost everything.
Only when you combine sound intellect with emotional discipline do you get rational behavior.
Can you really explain to a fish what it’s like to walk on land? One day on land is worth a thousand years of talking about it, and one day running a business has exactly the same kind of value.
Without passion, you don’t have energy. Without energy, you have nothing.
Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No.1.
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.
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