In the 1950s and 1960s, the heroes were the long-term investors; today the heroes are the wise guys.

The hardest thing over the years has been having the courage to go against the dominant wisdom of the time, to have a view that is at variance with the present consensus and bet that view.

The balance between confidence and humility is best learned through extensive experience and mistakes.

You have to be intellectually honest with yourself and others. In my judgment, all great investors are seekers of truth.

Brokerage firms don't sell customers stock so much as they sell those horrible mutual funds

Time and again, in every market cycle I have witnessed, the extremes of emotion always appear, even among experienced investors. When the world wants to buy only [bonds], you can almost close your eyes and [buy] stocks.

The markets are always changing, and the successful trader needs to adapt to these changes.