Never be afraid to ask for too much when selling or offer too little when buying.

[Gold] gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.

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.

The less prudence with which others conduct their affairs, the greater the prudence with which we should conduct our own affairs.

Investors should remember that excitement and expenses are their enemies.

Returns decrease as motion increases.

I mean you know at midnight everything is going to turn to pumpkins and mice; right? But if the evening goes along, I mean, you know, the guys look better all the time, the music sounds better, it's more and more fun, you think why the hell should I leave at quarter of 12. I'll leave at two minutes to 12. But the trouble is, there are no clocks on the wall. And everybody thinks they're going to leave at two minutes to 12.