"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."

"If you aren't willing to own a stock for 10 years, don't even think about owning it for 10 minutes."

"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."

"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."

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

"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."