The avoidance of taxes is the only intellectual pursuit that still carries any reward.

Well, when I get new information, I rethink my position. What, sir, do you do with new information?

We will not have any more crashes in our time.

Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally.

Investing is an activity of forecasting the yield over the life of the asset; speculation is the activity of forecasting the psychology of the market.

I wish I'd drunk more champagne.

I feel no shame at being found still owning a share when the bottom of the market comes…I would go much further than that. I should say that it is from time to time the duty of a serious investor to accept the depreciation of his holdings with equanimity and without reproaching himself. … An investor…should be aiming primarily at long-period results, and should be solely judged by these.