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.
Diversification is a protection against ignorance. It makes very little sense for those who know what they’re doing.
Never invest in a business you can’t understand.
Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.
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.
The rich invest in time, the poor invest in money.
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 makes more sense to buy a wonderful business at a fair price than it does to buy a fair business at a wonderful price.
Our favorite holding period is forever.
