"A very rich person should leave his kids enough to do anything, but not enough to do nothing."
"Beware of geeks bearing formulas."
"Can you really explain to a fish what it's like to walk on land? One day on land is worth a thousand years of talking about it, and one day running a business has exactly the same kind of value."
"Chains of habit are too light to be felt until they are too heavy to be broken."
"Diversification is a protection against ignorance. It makes very little sense to those who know what they are doing."
"I always know I was going to be rich. I don't think I ever doubted it for a minute."
"I buy expensive suits. They just look cheap on me."
"I don't look to jump over seven-foot bars; I look around for one-foot bars that I can step over."
"If a business does well, the stock eventually follows."
"If you're the luckiest 1% of humanity, you owe it to the rest of humanity to think about the other 99%."
"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 never attempt to make money on the stock market. I buy on assumption that they could close the market the next day and not reopen it for five years."
"In the business world, the rearview mirror is always clearer than the windshield."
"I read everything: annual reports, 10K’s, 10Q’s, biographies, histories, five newspapers a day. On airplanes, I read the instructions on the backs of seats. Reading is key. Reading has made me rich over time."
"It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently."
"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."
"It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price."
"Let blockheads read what blockheads wrote."
"Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it."
"Of the billionaires I have known, money just brings out the basic trait in them. If they were jerks before they had money, they are simply jerks with a billion dollars."
"Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years."
"Only when the tide goes out do you discover who's been swimming naked."
"Our favorite holding period is forever."
"Price is what you pay, Value is what you get."
"Risk comes from not knowing what you're doing."
"Risk is a part of God's game, alike for men and nations."
"Rule No. 1: Never Lose Money. Rule No. 2: Never forget Rule No. 1"
"Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks."
"The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.
"There seems to be some perverse human characteristics that likes to make easy things difficult."
"The rich invest in time, the poor invest in money."
"Time is the friend of the wonderful company, the enemy of the mediocre."
"You do things when the opportunities come along. I've had periods in my life when I've had bundle of ideas come along, and I've had long dry spells. If I get an idea next week, I'll do something. If not, I won't do a damn thing."
"You know, people talk about this being an uncertain time. You know, all time is uncertain. I mean, it was uncertain back - in 2007, we just didn't know it was uncertain. It was - uncertain on September 10th, 2001. It was uncertain on October 18th, 1987, you just didn't know it."
"You only have to do a very few things right in your life so long as you don't do too many things wrong."
"Your premium brand had better be delivering something special, or it's not going to get the business."
"Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway."
"We believe that according the name 'investors' to institutions that trade actively is like calling someone who repeatedly engages in one-night stands a 'romantic.'"
"We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful."
"When leverage works, it magnifies your gains. Your spouse thinks you're clever, and your neighbours get envious. But leverage is addictive. Once having profited from its wonders, very few people retreat to more conservative practices."
"Why not invest your assets in the companies you really like? As Mae West said, 'Too much of a good thing can be wonderful.'"
"Wide diversification is only required when investors do not understand what they are doing."