An investment in knowledge pays the best interest.
The intelligent investor is a realist who sells to optimists and buys from pessimists.
In the short run, the market is a voting machine, but in the long run, it is a weighing machine.
The investor's chief problem - and even his worst enemy - is likely to be himself.
The margin of safety is always dependent on the price paid.
Obvious prospects for physical growth in a business do not translate into obvious profits for investors.
To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.
The essence of investment management is the management of risks, not the management of returns.
It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.
The big money is not in the buying and selling, but in the waiting.
You don't have to be brilliant, only a little bit wiser than the other guys, on average, for a long, long time.
The market can stay irrational longer than you can stay solvent.
Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No. 1.
Price is what you pay. Value is what you get.
Be fearful when others are greedy and greedy when others are fearful.
The most important investment you can make is in yourself.
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.
Risk comes from not knowing what you're doing.
Only when the tide goes out do you discover who's been swimming naked.
Any man who is a bear on the future of this country will go broke.
In the short run, the market is a voting machine but in the long run, it is a weighing machine.
The investor's chief problem — and even his worst enemy — is likely to be himself.
It's not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.
A blindfolded monkey throwing darts at a newspaper's financial pages could select a portfolio that would do just as well as one carefully selected by the experts.
The stock market is a no-called-strike game. You don't have to swing at everything — you can wait for your pitch.
The market is efficient enough that it is very hard to beat consistently.
Know what you own, and know why you own it.
Go for a business that any idiot can run — because sooner or later, any idiot probably is going to run it.
In the long run, it's not just how much money you make that will determine your future prosperity. It's how much of that money you put to work by saving it and investing it.
In the end, what matters is the increase in per share value, not the growth in overall revenues or earnings.
The stock market is filled with individuals who know the price of everything, but the value of nothing.
Those who do not remember the past are condemned to repeat it.
The best way to measure your investing success is not by whether you're beating the market but by whether you've put in place a financial plan and a behavioral discipline that are likely to get you where you want to go.
