A good starting point [in the measurement of investment risk] is the preservation and enhancement of your purchasing power in real terms.

Patience is a crucial but rare investment commodity.

I paraphrase Lord Rothschild: ‘The time to buy is when there's blood on the streets.'

Psychology is probably the most important factor in the market - and one that is least understood.

Experience teaches us that when "everyone" comes to the same conclusion, that conclusion is just about always wrong.

Investors repeatedly jump ship on a good strategy just because it hasn't worked so well lately, and, almost invariably, abandon it at precisely the wrong time.

If you have good stocks and you really know them, you'll make money if you're patient over three years or more.

Favored stocks underperform the market, while out-of-favor companies outperform the market, but the reappraisal often happens slowly, even glacially.

One of the big problems with growth investing is that we can't estimate earnings very well. I really want to buy growth at value prices. I always look at trailing earnings when I judge stocks.

Bank One has got one of the best credit card divisions, ... The perception of investors is that financial services stocks are affected by interest rates and they're not.

History constantly reminds us that in an uncertain world there is no visibility of prospects. Future earnings cannot be predicted with accuracy.

Never lose faith, hope and courage.

I wished my heart would break and get it over with.

My experience has been that work is almost the best way to pull oneself out of the depths.

No one is a light unto himself, not even the sun.

You must always work.

Results, are the name of the game.

I've always been shocked that people that I'm actually flying with say, 'Oh, I feel safer on the plane with you.' I'm thinking, 'You must not watch the show because everybody around me gets killed.'

Yes, you can learn a lot about women, from what they choose to wear. You can learn even more by what they choose to take off, and who they take it off for.

in general, I feel most comfortable between known quantities.

Even the most heartening of philosophical vistas is no match for, say, a toothache, if it happens to be your own.