Quote collection
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"One of the ironies of the stock market is the emphasis on activity. Brokers, using terms such as 'marketability' and 'liquidity,' sing the praises of companies with high share turnover... but investors should understand that what is good for the croupier is not good for the customer. A hyperactive stock market is the pick pocket of enterprise."
"It is impossible to unsign a contract, so do all your thinking before you sign."
"Emotional makeup is more important than technical skill"
"You're neither right nor wrong because other people agree with you. You're right because your facts are right and your reasoning is right - that's the only thing that makes you right. And if your facts and reasoning are right, you don't have to worry about anybody else."
"Too often, a vast collection of possessions ends up possessing its owner."
"If you own a wonderful business...the best thing to do is keep it. All you're going to do is trade your wonderful business for a whole bunch of cash, which isn't as good as the business, and you got the problem of investing in other businesses, and you probably paid a tax in between. So my advice to anybody who owns a wonderful business is keep it."
"It is easier to rationalize than it is to be rational."
"We enjoy the process far more than the proceeds."
"Read Ben Graham and Phil Fisher read annual reports, but don't do equations with Greek letters in them."
"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."
"You can't buy what is popular and do well."
"What you really want to do in investments is figure out what's important and knowable. If it's unimportant or unknowable you forget about it."
"A prediction about the direction of the stock market tells you nothing about where stocks are headed, but a whole lot about the person doing the predicting."
"I knew a lot about what I did when I was 20. I had read a lot, and I aspired to learn everything I could about the subject."
"We intend to continue our practice of working only with people whom we like and admire. This policy not only maximizes our chances for good results, it also ensures us an extraordinarily good time."
"I'm happy when I can spend every day doing the things that I like to do. That's my luxury."
"Our investments continue to be few in number and simple in concept: The truly big investment idea can usually be explained in a short paragraph. We like a business with enduring competitive advantages that is run by able and owner-oriented people. When these attributes exist, and when we can make purchases at sensible prices, it is hard to go wrong (a challenge we periodically manage to overcome)."
"Beware [of] the investment activity that produces applause; the great moves are usually greeted by yawns."
"It's nice to have a lot of money, but you know, you don't want to keep it around forever. I prefer buying things. Otherwise, it's a little like saving sex for your old age."
"Do not take yearly results too seriously. Instead, focus on four or five-year averages."