Risk comes from not knowing what you're doing.

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.

We don't get paid for activity, just for being right. As to how long we'll wait, we'll wait indefinitely.

Good big decisions do not take time at all, if they do you are in trouble.

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