The value of a business is the cash it's going to produce in the future.
Wall Street makes its money on activity. You make your money on inactivity.
An investor will succeed by coupling good business judgment with an ability to insulate his thoughts and behavior from the super-contagious emotions that swirl about the marketplace.
What's nice about investing is you don't have to swing at every pitch.
No matter how great the talent or efforts, some things just take time.
You’d get very rich if you thought of yourself as having a card with only twenty punches in a lifetime, and every financial decision used up one punch. You’d resist the temptation to dabble. You’d make more good decisions and you’d make more big decisions.