"What the wise do in the beginning, fools do in the end."

"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'."

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

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

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

"I don't look to jump over 7-foot bars: I look around for 1-foot bars that I can step over."

"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."

"Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future."

"The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective."

"Investing is simple, but not easy."

"The most important thing to do if you find yourself in a hole is to stop digging."

"Derivatives are financial weapons of mass destruction."

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