Paradoxically, when ‘dumb’ money acknowledges its limitations, it ceases to be dumb.
Never depend on a single source of income.
Investment must be rational; if you can’t understand it, don’t do it.
I don’t want to be on the other side of the table from the customer. I was never selling anything that I didn’t believe in myself or use myself.
I choose to work with every single person that I work with. That ends up being the most important factor. I don’t interact with people I don’t like or admire. That’s the key. It’s like marrying.
I’m the luckiest guy in the world in terms of what I do for a living. No one can tell me to do things I don’t believe in or things I think are stupid.
With each investment you make, you should have the courage and the conviction to place at least ten per cent of your net worth in that stock.
You don’t have to be a genius to invest well.
Charlie and I have a number of filters that things have to get through before we’ll think about them.
When the brothel burns down, even the pretty girls have to run out.
The active investors will have their returns diminished by a far greater percentage than will their inactive brethren. That means that the passive group – the “know-nothings” – must win.
Traditional wisdom is long on tradition and short on wisdom.
First come the innovators, then come the imitators, then come the idiots.
The ability to say no is a tremendous advantage for an investor.
If you want your business to survive for 100 years, you’ve got to make it through every single day for 100 years. It’s not enough to do it 99.9% of the time.
We have embraced the 21st century by entering such cutting-edge industries as brick, carpet, insulation and paint. Try to control your excitement.
Earnings can be pliable as putty when a charlatan heads the company reporting them.
The secret to happiness is having low expectations.
The wise man once said, ‘Invest young.’
Every company that has an economist working for it has one employee too many.