"We don't have to be smarter than the rest. We have to be more disciplined than the rest."

"Never invest in a business you cannot understand."

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

"Tell me who your heroes are and I’ll tell you who you’ll turn out to be."

"Interest rates are to asset prices what gravity is to the apple."

"I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will."

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

"The most important quality for an investor is temperament, not intellect."

"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."

"The investor of today does not profit from yesterday's growth."

"No matter how great the talent or efforts, some things just take time."

"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."