The rich invest in time, the poor invest in money.
Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No.1.
Diversification is a protection against ignorance. It makes very little sense for those who know what they’re doing.
Risk comes from not knowing what you’re doing.
The difference between successful people and really successful people is that really successful people say no to almost everything.
It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
The most important investment you can make is in yourself.
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.
Our favorite holding period is forever.
Chains of habit are too light to be felt until they are too heavy to be broken.
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.
I measure success by how many people love me.
Without passion, you don’t have energy. Without energy, you have nothing.
I always knew I was going to be rich. I don’t think I ever doubted it for a minute.
Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.
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.
You only find out who is swimming naked when the tide goes out.
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.
It takes 20 years to build a reputation and 5 minutes to ruin it. If you think about that, you’ll do things differently.
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.
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