"In the short term, the market is a popularity contest. In the long term, the market is a weighing machine."

"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."

"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."

"Never invest in a business you cannot understand."

"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."

"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’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."

"In a commodity-type business, you’re only as smart as your dumbest competitor."

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