Be fearful when there is greed and be greedy when there is fear.
The extraordinary business does not require good management.
Paradoxically, when 'dumb' money acknowledges its limitations, it ceases to be dumb.
In the search [of a deal], we adopt the same attitude one might find appropriate in looking for a spouse: It pays to be active, interested, and open-minded, but it does not pay to be in a hurry.
Investment must be rational; if you can't understand it, don't do it.
You get what I call the natural progression, the three Is. The innovators, the imitators, and the idiots.