Rich people see opportunities. Poor people see obstacles. Rich people see potential growth. Poor people see potential loss. Rich people focus on rewards. Poor focus on the risks.
It’s simple arithmetic: “Your income can grow only to the extent you do.”
My definition of financial freedom is simple: it is the ability to live the lifestyle you desire without having to work or rely on anyone else for money.
Never spend your money before you have earned it.
People don’t want to be millionaires – they want to experience what they believe only millions can buy.
You either master money, or, on some level, money masters you.
The Stock Market is designed to transfer money from the Active to the Patient.
Other guys read Playboy. I read annual reports.
Successful Investing takes time, discipline and patience. No matter how great the talent or effort, some things just take time: You can’t produce a baby in one month by getting nine women pregnant.
Investing is laying out money now to get more money back in the future.
I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.
Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.
I never try to predict the market.
Nothing sedates rationality like large doses of effortless money.
You shouldn’t own common stocks if a 50 per cent decrease in their value in a short period of time would cause you acute distress.
Only when the tide goes out do you discover who’s been swimming naked.
With a wonderful business, you can figure out what will happen; you can’t figure out when it will happen. You don’t want to focus on when, you want to focus on what. If you’re right about what, you don’t have to worry about when.
If you buy things you do not need, soon you will have to sell things you need.
A low-cost index fund is the most sensible equity investment for the great majority of investors. My mentor, Ben Graham, took this position many years ago, and everything I have seen since convinces me of its truth.
Over the years, a number of very smart people have learned the hard way that a long string of impressive numbers multiplied by a single zero always equals zero.