The true investor welcomes volatility ... a wildly fluctuating market means that irrationally low prices will periodically be attached to solid businesses.

Cash combined with courage in a time of crisis is priceless.

The stock market is a wonderfully efficient mechanism for transferring wealth from the impatient to the patient.

When investing, pessimism is your friend, euphoria the enemy.

The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.

Don't pass up something that's attractive today because you think you will find something way more attractive tomorrow.