Predicting rain doesn’t count. Building arks does.
Read Ben Graham and Phil Fisher read annual reports, but don’t do equations with Greek letters in them.
Risk can be greatly reduced by concentrating on only a few holdings.
Risk comes from not knowing what you’re doing.
Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.
Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.
So smile when you read a headline that says ‘Investors lose as market falls.’ Edit it in your mind to ‘Disinvestors lose as market falls—but investors gain.’ Though writers often forget this truism, there is a buyer for every seller and what hurts one necessarily helps the other.
Somebody once said that in looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if you don’t have the first, the other two will kill you. You think about it; it’s true. If you hire somebody without integrity, you really want them to be dumb and lazy.
Someone’s sitting in the shade today because someone planted a tree a long time ago.
Stocks of companies selling commodity-like products should come with a warning label: ‘Competition may prove hazardous to human wealth.’