"If you lose money for the firm, I will be understanding. If you lose a shred of reputation, I will be ruthless."

"Cash is to a business as oxygen is to an individual: never thought about when it is present, the only thing in mind when it is absent."

"I am a better investor because I am a businessman, and a better businessman because I am an investor."

"It's better to be approximately right than precisely wrong."

"If you hire somebody without integrity, you really want them to be dumb and lazy."

"In the world of business, the people who are most successful are those who are doing what they love."

"There seems to be some perverse human characteristic that likes to make easy things difficult."

"Buy a stock the way you would buy a house. Understand and like it such that you'd be content to own it in the absence of any market."

"I insist on a lot of time being spent, almost every day, to just sit and think."

"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."

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

"Never invest in a business you cannot understand."