Nothing sedates rationality like large doses of effortless money.

We have long felt that the only value of stock forecasters is to make fortune-tellers look good.

What motivates most gold purchasers is their belief that the ranks of the fearful will grow ... As 'bandwagon' investors join any party, they create their own truth - for a while.

What you really want to do in investments is figure out what's important and knowable. If it's unimportant or unknowable you forget about it.

But 300 million Americans, their lending institutions, their government, their media, all believed that house prices were going to go up consistently. And that got billed into a $20 trillion residential home market. Lending was done based on it, and everybody did a lot of foolish things.

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.

If, when making a stock investment, you're not considering holding it at least ten years, don't waste more than ten minutes considering it.