Warren Buffett

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

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.

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

If past history was all that is needed to play the game of money, the richest people would be librarians.

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.

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.

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

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

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.

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.

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

Our favorite holding period is forever.

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

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.