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Price is what you pay and value is what you get.

WARREN BUFFETT, as quoted in Robert P. Miles' Warren Buffett Wealth

Success in investing doesn't correlate with I.Q. once you're above the level of 25. Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing.

WARREN BUFFETT, BusinessWeek interview, Jun. 25, 1999

The stock market is a no-called-strike game. You don't have to swing at everything -- you can wait for your pitch. The problem when you're a money manager is that your fans keep yelling, "Swing, you bum!"

WARREN BUFFETT, The Motley Fool, Mar. 26, 2003

Rule No. 1: Never lose money.
Rule No. 2: Never forget rule No. 1.

WARREN BUFFET, The Tao of Warren Buffet

In looking for someone to hire, you look for three qualities: integrity, intelligence, and energy. But the most important is integrity, because if they don't have that, the other two qualities, intelligence and energy, are going to kill you.

WARREN BUFFET, The Tao of Warren Buffet

It's an election year, and candidates can't stop speaking about our country's problems (which, of course, only they can solve). As a result of this negative drumbeat, many Americans now believe that their children will not live as well as they themselves do. That view is dead wrong: The babies being born in America today are the luckiest crop in history. American GDP per capita is now about $56,000.... That -- in real terms -- is a staggering six times the amount in 1930, the year I was born, a leap far beyond the wildest dreams of my parents or their contemporaries. U. S. citizens are not intrinsically more intelligent today, nor do they work harder than did Americans in 1930. Rather, they work far more efficiently and thereby produce more. This all-powerful trend is certain to continue: America's economic magic remains alive and well.

WARREN BUFFETT, annual letter to Berkshire Hathaway shareholders, February 2016

I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful.

WARREN BUFFETT, lecture at Columbia University

The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball. They know that overstaying the festivities -- that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future -- will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is one helluva party. Therefore, the giddy participants all plan to leave just seconds before midnight. There's a problem, though: They are dancing in a room in which the clocks have no hands.

WARREN BUFFETT, Berkshire Hathaway Chairman's Letter, 2000

Too often, though, investors forget to examine the assumptions behind the models. Beware of geeks bearing formulas.

WARREN BUFFETT, attributed, Family Wealth Management

Only buy something that you would be perfectly happy to hold if the market shut down for ten years.

WARREN BUFFETT, Business World, 1987

If past history was all there was to the game, the richest people would be librarians.

WARREN BUFFETT, The Tao of Warren Buffett

When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.

WARREN BUFFETT, attributed, The Motley Fool, September 20, 2012

Wide diversification is only required when investors do not understand what they are doing.

WARREN BUFFETT, attributed, Investopedia

I made my first investment at age eleven. I was wasting my life up until then.

WARREN BUFFET, The Tao of Warren Buffet


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