The chains of habit are too light to be felt until they are too heavy to be broken.
The critical investment factor is determining the intrinsic value of a business and paying a fair or bargain price.
The difference between successful people and really successful people is that really successful people say no to almost everything.
The fact that people will be full of greed, fear, or folly is predictable. The sequence is not predictable.
The investor of today does not profit from yesterday’s growth.
The most common cause of low prices is pessimism – some times pervasive, some times specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It’s optimism that is the enemy of the rational buyer.
The most important investment you can make is in yourself.
The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.
The most important thing to do if you find yourself in a hole is to stop digging.
The only time to buy these is on a day with no ‘y’ in it.