"What counts for most people in investing is not how much they know, but rather how realistically they define what they don't know."

"The three most important words in investing are margin of safety."

"Be fearful when others are greedy and greedy only when others are fearful."

"The business world is full of people who think they are smarter than they really are."

"Never invest in a business you cannot understand."

"Only buy something that you’d be perfectly happy to hold if the market shut down for 10 years."

"We don't have to be smarter than the rest. We have to be more disciplined than the rest."

"Turn market fluctuations into your friend rather than your enemy."

"An investor should act as though he had a lifetime decision card with just twenty punches on it."

"Tell me who your heroes are and I’ll tell you who you’ll turn out to be."

"Interest rates are to asset prices what gravity is to the apple."

"I’ve seen more people fail because of liquor and leverage—leverage being borrowed money."

"I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will."

"You do things when the opportunities come along."

"In a commodity-type business, you’re only as smart as your dumbest competitor."