If you don’t understand a business, don’t buy it.
Remember that degree of difficulty does not count in investing. Look for long lasting companies with predictable business models
Don’t own any stock that would cause you to panic and dump your shares if the price falls by 50 percent.
Think 10 years, rather than 10 minutes. If you aren’t prepared to hold a given stock for a decade, don’t buy it in the first place
Don’t dwell on the price of stocks, instead study the underlying business, its earnings capacity, its future and so on..
How long will you wait ? If we are in the right place, we will wait indefinitely.
Once you get into the right business, you can let everyone else worry about the stock market.
Look for a business that is doing the same thing today that was doing a decade ago.
Don’t think about the stock in the short term. Think about the business in the long term.
If you don’t have a good idea of what the business is going to be like in 10 years, then you do not understand the business.
Do not dart in and out of the market. Frequent trading leads to mounting losses.
A public-opinion poll is no substitute for thought.
Chains of habit are too light to be felt until they are too heavy to be broken.
I buy expensive suits. They just look cheap on me.
I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.
I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.
If a business does well, the stock eventually follows.
If past history was all there was to the game, the richest people would be librarians.
If you’re in the luckiest 1 per cent of humanity, you owe it to the rest of humanity to think about the other 99 per cent.
In the business world, the rear view mirror is always clearer than the windshield.
It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.
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.
It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction.
It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
I’ve reluctantly discarded the notion of my continuing to manage the portfolio after my death – abandoning my hope to give new meaning to the term ‘thinking outside the box.’
Let blockheads read what blockheads wrote.
Look at market fluctuations as your friend rather than your enemy: profit from folly rather than participate in it.
Long ago, Sir Isaac Newton gave us three laws of motion, which were the work of genius. But Sir Isaac’s talents didn’t extend to investing: He lost a bundle in the South Sea Bubble, explaining later, ‘I can calculate the movement of the stars, but not the madness of men.’ If he had not been
Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well.
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results.
Of the billionaires I have known, money just brings out the basic traits in them. If they were jerks before they had money, they are simply jerks with a billion dollars.
Only when the tide goes out do you discover who’s been swimming naked.
Our favorite holding period is forever.
Price is what you pay. Value is what you get.
Risk comes from not knowing what you’re doing.
Risk is a part of God’s game, alike for men and nations.
Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.
Wall Street is the only place that people ride to work in a Rolls Royce to get advice from those who take the subway.
The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.
The investor of today does not profit from yesterday’s growth
The smarter the journalists are, the better off society is. For to a degree, people read the press to inform themselves-and the better the teacher, the better the student body.
There are all kinds of businesses that Charlie and I don’t understand, but that doesn’t cause us to stay up at night. It just means we go on to the next one, and that’s what the individual investor should do.
There seems to be some perverse human characteristic that likes to make easy things difficult.
Time is the friend of the wonderful company, the enemy of the mediocre.
We don’t get paid for activity, just for being right. As to how long we’ll wait, we’ll wait indefinitely.
We enjoy the process far more than the proceeds.
We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.
We’ve long felt that the only value of stock forecasters is to make fortune tellers look good. Even now, Charlie and I continue to believe that short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children.
When a management team with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.
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.
Why not invest your assets in the companies you really like? As Mae West said, “Too much of a good thing can be wonderful”.
Wide diversification is only required when investors do not understand what they are doing.
You do things when the opportunities come along. I’ve had periods in my life when I’ve had a bundle of ideas come along, and I’ve had long dry spells. If I get an idea next week, I’ll do something. If not, I won’t do a damn thing.
You only have to do a very few things right in your life so long as you don’t do too many things wrong.
Your premium brand had better be delivering something special, or it’s not going to get the business