There are two times in a man’s life when he should not speculate – when he can’t afford it, and when he can.

The best performance is produced by a person, not a committee.

The big money is not in the buying and selling, but in the waiting.

I skate to where the puck is going, not to where it has been.

Don’t underestimate the value of doing nothing!

There is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible.

Rule No. 1 Never Lose Money. Rule No. 2: Never Forget Rule No. 1.

I never buy at the bottom, and I always sell too soon.

Doubt is not a pleasant condition, but certainty is an absurd one.

In my whole life, I have known no wise people … who didn’t read all the time – none, zero.

Because technology changes a ton, what I focus on is what won't change.

Keep your thinking clean to make it simple.

People assume they are most creative at a certain age.  But if you look at truly great artists, they always get better.  Matisse got better.  Picasso got better.  Da Vinci  got better.  I think it’s the same in all areas of creativity.

I look for economic castles protected by unbreachable moats.

You don’t need to know a man’s weight to know that he’s fat.

I write in order to understand as much as to be understood.

Never invest in any idea you can’t illustrate with a crayon.

Those who cannot remember the past are condemned to repeat it.

Real knowledge is to know the extent of one's ignorance.

I can calculate the movement of stars, but not the madness of men.

Everyone has a plan ‘till they get punched in the face.

Nurture your flowers and cut your weeds.

I'm only rich because I know when I'm wrong.

Nothing is a waste of time if you use the experience wisely.

View a stock as an ownership of the business and judge the staying quality of the business in terms of its competitive advantage.

It is impossible to produce a superior performance unless you do something different from the majority.

Read 500 pages every week. That’s how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will.

Don’t look for the bad.  Look for the good.

If you build a great experience, customers tell each other about that. Word of mouth is very powerful.

The concerns which fail are those which have scattered their capital, which means that they have scattered their brains also.  ‘Don’t put all your eggs in one basket’ is all wrong … ‘Put all your eggs in one basket, and then watch that basket.’

The purpose of economists is to make astrology look good.

All of us would be better investors if we just made fewer decisions.

As far as the laws of mathematics refer to reality, they are not certain; and as far as they are certain, they do not refer to reality.

Few people think more than two or three times a year; I have made an international reputation for myself by thinking once or twice a week.

Investment is most intelligent when it is most businesslike.

Common sense is not so common.

The greatest lesson in life is to know that even fools are right sometimes.

Through the vicissitudes of wars, panics and depressions, investment in America’s growth and development has never proven a mistake.

What matters isn't how well you play when you're playing well. What matters is how well you play when you're playing badly.

Out of clutter, find simplicity. From discord, find harmony. In the middle of difficulty lies opportunity.

If you don't have time to do it right, when will you have time to do it over?

My biggest mistake was that I always sold stocks way too early.

Every age has its peculiar folly: some scheme, project, or fantasy which it plunges, spurred on by the love of gain, the necessity of excitement, or the mere force of imitation.

Anyone who says businessmen deal only in facts, not fiction, has never read old five-year projections.

Don't let the noise of others' opinion drown out your own inner voice. Everything else is secondary.

It's obvious that if a company generates high returns on capital and reinvests at high returns, it will do well. But this wouldn't sell books, so there's a lot of twaddle and fuzzy concepts that have been introduced that don't add much.

Most of the time common stocks are subject to irrational and excessive price fluctuation in both directions as a consequence of the ingrained tendency of most people to speculate or gamble…to give way to hope, fear and greed.

Success is a lousy teacher. It seduces smart people into thinking they can't lose.

If you have integrity, nothing else matters.  If you don’t have integrity, nothing else matters.

Our ideas are so simple. People keep asking us for mysteries, but all we have are the most elementary ideas.

Speculation buys up, in a very practical way, the intelligence of those involved.

The four most expensive words in the English language are ‘this time it’s different.

Champions keep playing until they get it right.

It’s a basic fact of life that many things ‘everybody knows’ turn out to be wrong.

Refuse to be stampeded.  Do your own thinking.

The score takes care of itself.

Without continual growth and progress, such words as improvement, achievement and success have no meaning.

There's a negative correlation between the number of people making investment decisions and the results. If you have a lot of people involved, you tend to have the least competent person making the decision, because you need consensus.

Being short America has been a loser’s game, and it will continue to be a loser’s game.