Quotes

There will be bear markets about twice every 10 years and recessions about twice every 10 or 12 years but nobody has been able to predict them reliably. So the best thing to do is to buy when shares are thoroughly depressed and that means when other people are selling.

People are very careful with their money. When they buy a refrigerator, they do some work. When they buy an apartment or rent an apartment, they’re careful. For some reason, when it comes to stocks, they just go coo-coo. They don't do any work at all.

You only need one or two good stocks a decade. You don't need a lot of action.

You lose money fast in the stock market. You can't make it fast.

One of the things I have learned over the years is how important management is in building or subtracting from value.

Most people on Wall Street don't have principles to begin with. And if they have them, they don't stick to them.

Even the world's greatest business is not a good investment if the price is too high.

Attempting to guess short-term swings in individual stocks, the stock market or the economy is not likely to produce consistently good results. Short-term developments are too unpredictable.

An investor is not likely to obtain superior results by buying a broad cross-section of the market. The more diversification, the more performance is likely to be average, at best.

One lesson I have learned is to make fewer decisions. Sometimes the best thing to do is to do nothing. The hardest thing to do is to sit with cash. It is very boring.

We do not have any hard and fast rules on selling. We do not sell that well.

We are sort of the polar opposites of a lot of investors. We do a lot of thinking and not a lot of acting. A lot of investors do a lot of acting, and not a lot of thinking.