Investment Quotes

Success in investing doesn't correlate with I.Q. Once you are above the level of 25; once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing.

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.

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

The ability to say no is a tremendous advantage for an investor.

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

Be fearful when there is greed and be greedy when there is fear.

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 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.

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.

The most common cause of low prices is pessimism - sometimes pervasive, sometimes specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces.

Our goal is to find an outstanding business at a sensible price, not a mediocre business at a bargain price.

Long ago, Ben Graham taught me that "Price is what you pay; value is what you get." Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down.

Investing is simple, but not easy.

Do not take yearly results too seriously. Instead, focus on four or five-year averages.

Always invest for the long term.

Diversification may preserve wealth, but concentration builds wealth.

The greatest investment a young person can make is in their own education, in their own mind. Because money comes and goes. Relationships come and go. But what you learn once stays with you forever.