Quotes

Unprecedented events occur with some regularity, so be prepared.

Consistency and patience are crucial. Most investors are their own worst enemies. Endurance enables compounding.

I’ve studied the Constitution and the Bill of Rights, and I don’t see anywhere that we have to have a recession every four years. I don’t see why you can’t have a decent environment for years and years.

I have learned that the great opportunities are the places that have been neglected, where other people are not looking.

The very best investors are the ones who invest according to their own psyche. You find that their investment styles are consistent with their personalities, their intellects, their approaches to work. It’s not somebody else’s style; it’s their own, and it’s deeply ingrained.

Humility is an enormously important quality. You can’t win without it. Survival in the end is where the winners are by definition, and survival begins with humility.

There is a considerable tendency for common stock investors to do the greater part of their buying, both of "good" and "bad" securities, at high levels of the market. They are equally inclined to do the greater part of their selling at low levels of the market, a procedure which is not conducive to successful results.

My own opinion is that the selection of individual securities is a matter partly of a special kind of judgment and insight, and partly of a good deal of security analysis training.

I think I am safe in asserting that the margin trader, speculator, gambler, or whatever you choose to designate the average man who goes to Wall Street after easy money, does not lose money when he sells. He loses it when he buys!

The human animal never behaves as wisely as he means to, particularly when his counselor is Hope or Fear.

It is a curious fact that although all booms are alike, all are different.

Periods of depression invariably follow periods of overoptimism, when fear replaces hope as the controlling emotion.