The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.

Investing is forgoing consumption now in order to have the ability to consume more at a later date.

In the business world, the rearview mirror is always clearer than the windshield.

Wild swings in share prices have more to do with the "lemming- like" behaviour of institutional investors than with the aggregate returns of the company they own.

Either they're trying to con you or they're trying to con themselves.

Making money isn't the backbone of our guiding purpose; it is the by-product of our guiding purpose.

Remember that the stock market is manic-depressive.