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

"I buy on the assumption that they could close the market the next day and not reopen it for five years."

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

"The best chance to deploy capital is when things are going down."

"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."

"Keep things simple and don't swing for the fences. When promised quick profits, respond with a quick 'no'."

"If a business does well, the stock eventually follows."

"We enjoy the process far more than the proceeds."

"A public-opinion poll is no substitute for thought."

"You can't produce a baby in one month by getting nine women pregnant."

"Cash combined with courage in a time of crisis is priceless."

"It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price."

"Success in investing doesn't correlate with I.Q. What you need is the temperament to control the urges that get other people into trouble."