Like most trends, at the beginning it's driven by fundamentals, at some point speculation takes over. What the wise man does in the beginning, the fool does in the end.

A contrarian approach is just as foolish as a follow-the-crowd strategy. What's required is thinking rather than polling.

What an investor needs is the ability to correctly evaluate selected businesses. Note that word “selected”: You don't have to be an expert on every company, or even many. You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important; knowing its boundaries, however, is vital.

Do not save what is left after spending, but spend what is left after saving.

The secret is to find what you love to do.I mean, I tell the students look for the job that you would take if you didn't need a job. I mean, it's that simple. And I was lucky enough to find it very early in life. And then the second thing is to have people around you that make feel good every day, and make you a better person than you otherwise would be.

An investor should ordinarily hold a small piece of an outstanding business with the same tenacity that an owner would exhibit if he owned all of that business.

I wouldn’t mind going to jail if I had three cellmates who played bridge