"If you’ve been playing poker for half an hour and you still don’t know who the patsy is, you’re the patsy."

"Time is the friend of the wonderful company, the enemy of the mediocre."

"Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks."

"Why not invest your assets in the companies you really like? As Yogi Berra said, 'A nickel ain't worth a dime anymore."

"Diversification is protection against ignorance. It makes little sense if you know what you are doing."

"In the business world, the rearview mirror is always clearer than the windshield."

"Predicting rain doesn't count. Building arks does."

"Our favorite holding period is forever."

"Never test the depth of the river with both feet."

"Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble."

"Only when the tide goes out do you discover who's been swimming naked."

"Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1."

"Risk comes from not knowing what you're doing."

"Someone is sitting in the shade today because someone planted a tree a long time ago."

"It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently."