Derivatives are financial weapons of mass destruction.
Why not invest your assets in the companies you really like? As Mae West said, 'Too much of a good thing can be wonderful'.
Chains of habit are too light to be felt until they are too heavy to be broken.
Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety.
Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.
Time is the friend of the wonderful company, the enemy of the mediocre.
Value investing is at its core the marriage of a contrarian streak and a calculator.
Just as a cautious businessman avoids investing all his capital in one concern, so wisdom would probably admonish us also not to anticipate all our happiness from one quarter alone.
Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing.
You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ.
Value investing is the discipline of buying shares at a significant discount from their current underlying values and holding them until more of their value is realised. The element of a bargain is the key to the process.
For an idea ever to be fashionable is ominous, since it must afterwards be always old fashioned
All intelligent investing is value investing - acquiring more that you are paying for. You must value the business in order to value the stock.
When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.
We've used derivatives for many, many years. I don't think derivatives are evil, per se, I think they are dangerous.
We enjoy the process far more than the proceeds.
When an investor focuses on short-term investments, he or she is observing the variability of the portfolio, not the returns - in short, being fooled by randomness.
Buy not on optimism, but on arithmetic.
An investor needs to do very few things right as long as he or she avoids big mistakes.
In most bull markets there comes a time when the public controls fluctuations and the efforts of the largest operators are insufficient to check the rising tide.
The best thing that happens to us is when a great company gets into temporary trouble...We want to buy them when they're on the operating table.
Beware of geeks bearing formulas.
We've long felt that the only value of stock forecasters is to make fortune tellers look good. Even now, Charlie and I continue to believe that short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children.
The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.
The individual investor should act consistently as an investor and not as a speculator. This means ... that he should be able to justify every purchase he makes and each price he pays by impersonal, objective reasoning that satisfies him that he is getting more than his money's worth for his purchase.
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