It is far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
I don't look to jump over 7-foot bars; I look around for 1-foot bars that I can step over.
You only find out who is swimming naked when the tide goes out.
I like to shoot fish in a barrel, but I like to do it after the water has run out.
Price is what you pay. Value is what you get.
We don't get paid for activity, just for being right.
In the business world, the rearview mirror is always clearer that the windsheild.
In a bull market, one must avoid the error of the preening duck that quacks boastfully after a torrential rainstorm, thinking that its paddling skills have caused it to rise in the world. A right thinking duck would instead compare its position after the downpour to that of the other ducks on the pond.
Rule Number 1: Never lose money. Rule No. 2: Never forget rule number 1.
Someone is sitting in the shade today because someone planted a tree a long time ago.
Never count on a good sale. Have the purchase price be so actractive that even a mediocre sale gives good results.
Risk comes from not knowing what you are doing.
The investor of today does not profit from yesterday's growth.
Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down.
The fact that people will be full of greed, fear, or folly is predictable. The sequence is not predictable.
If a business does well, the stock eventually follows.
Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can't buy what is popular and do well.
Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.
If I was earning $1 million today, or $10 million for that matter, I'd be fully invested. Anyone who says that size does not hurt investment performance is selling. The highest rates of return I've ever acheived were in the 1950s. I killed the Dow. You ought to see the numbers. Part I was investing peanuts then. it's a huge structural advantage not to have a lot of money. I think I could make you 50% a year on $1 million. No, I knew I could guarentee that.