Warren Buffett

Only when you combine sound intellect with emotional discipline do you get rational behavior.

Honesty is a very expensive gift, Don’t expect it from cheap people.

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.

If you are in a poker game and after 20 minutes you don’t know who the patsy is, then you’re the patsy.

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.

The rich invest in time, the poor invest in money.

There are two times in a man’s life when he should not speculate: when he can’t afford it, and when he can.

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.

Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.

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.

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.

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.

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.