Warren Buffett

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

Be fearful when others are greedy and greedy when others are fearful.

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.

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’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.

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

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.

It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

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.

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.

Diversification is a protection against ignorance. It makes very little sense for those who know what they’re doing.

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.

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.