Wide diversification is only required when investors do not understand what they are doing.

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

The speed at which a business success is recognized, furthermore, is not that important as long as the company's intrinsic value is increasing at a satisfactory rate. In fact, delayed recognition can be an advantage: It may give us the chance to buy more of a good thing at a bargain price.

At age 19, I read a book [The Intelligent Investor] and what I'm doing today, at age 76, is running things through the same thought process I learned from the book I read at 19.

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.

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