There are three kinds of people: 1. Innovators. 2. Imitators. 3. Idiots.

If knowing history made you rich, librarians would be billionaires.

In a bull market, one must avoid the error of the preening duck that quacks boastfully after a torrential rainstorm, thinking that its paddling skills have caused it to rise in the world. A right-thinking duck would instead compare its position after the downpour to that of the other ducks on the pond.

I would rather sustain the penalties resulting from over-conservatism than face the consequences of error, perhaps with permanent capital loss, resulting from the adoption of "New Era" philosophy where trees really do grow to the sky.

Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.

We've long felt that the only value of stock forecasters is to make fortune tellers look good. Even now, Charlie and I continue to believe that short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children.

I mean [Franklin Delano] Roosevelt didn't - you know, when he came in, he didn't print any money.