As an investor with small capital, one should prefer businesses that have high returns on capital and that require little incremental investment to grow.

Never test the depth of river with both the feet.

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

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.