One of the best rules anybody can learn about investing is to do nothing, absolutely nothing, unless there is something to do. Most people – not that I’m better than most people – always have to be playing; they always have to be doing something. They make a big play and say, “Boy, am I smart, I just tripled my money.” Then they rush out and have to do something else with that money. They can’t just sit there and wait for something new to develop

The last leg of a bull market always ends in hysteria; the last leg of a bear market always ends in panic.

I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime.

Historically, there has been a bull market in commodities every 20 or 30 years.

There is no such thing as a paper loss. A paper loss is a very real loss.

Index investing outperforms active management year after year.

Debasing your currency sometimes works in the short term, it has never worked in the long term and does not even usually work in the medium term. Lots of politicians like to do it because it is an easy way.