Investors making purchases in an overheated market need to recognize that it may often take an extended period for the value of even an outstanding company to catch up with the price they paid.
Risk is a part of God’s game, alike for men and nations.
By periodically investing in an index fund, the know-nothing investors can actually outperform most investment professionals.
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.
Chains of habit are too light to be felt until they are too heavy to be broken.
Only when the tide goes out do you discover who’s been swimming naked.
A very rich person should leave his kids enough to do anything, but not enough to do nothing.
When you’re associating with the people that you love, doing what you love, it doesn’t get any better than that.
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.
When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.
Taking jobs to build up your resume is the same as saving up sex for old age.
My friends and I have been coddled long enough by a billionaire-friendly Congress.
The rich invest in time, the poor invest in money.
I am quite serious when I say that I do not believe there are, on the whole earth besides, so many intensified bores as in these United States. No man can form an adequate idea of the real meaning of the word, without coming here.
The best thing I did was choose the right heroes.
Everybody’s got a different circle of competence. The important thing is not how big the circle is. The important thing is staying inside the circle.
The first rule is not to lose. The second rule is not to forget the first rule.
Bad terminology is the enemy of good thinking.
Problems in a company are like cockroaches in the kitchen. You will never find just one.
Our approach is very much profiting from lack of change rather than from change. With Wrigley chewing gum, it’s the lack of change that appeals to me. I don’t think it is going to be hurt by the Internet. That’s the kind of business I like.