A tipping point is invisible, as we just saw in Greece. In most situations, everything appears fine until it's not fine, until, for example, no one shows up at a Treasury auction.

The single greatest edge an investor can have is a long-term orientation.

Value investing is at its core the marriage of a contrarian streak and a calculator.

Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.

The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.

In reality, no one knows what the market will do; trying to predict it is a waste of time, and investing based upon that prediction is a speculative undertaking.

Investment success cannot be captured in a mathematical equation or a computer program.

Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient

The near absence of bargains works as a reverse indicator for us. When we find there is little worth buying, there is probably much worth selling.

As Buffett has often observed, value investing is not a concept that can be learned and gradually applied over time. It is either absorbed and adopted at once, or it is never truly learned.

The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent.

Real friends are like autotroph, whether you pay your intentions or not but they keep calm your noons.

Like Momma says, only thing you get by digging dirt is dirty.

The memories that really matter don't live in the mind.

When I look at you as if you're crazy it's not that I judge you for your insanity.

This stammer got me a home in Beverly Hills, and I'm not about to screw with it now.

Comfortable means gradually more and more flattened down, more and more blunt - less and less sharp and biting into you.

I never deny. I never contradict. I sometimes forget.

Despite recent media reports that have clouded, or even misrepresented, the facts, there is compelling evidence that al-Qaida and Iraq have been linked for more than a decade.

There is nothing like it for morale to be reminded that the years are passing - ever more quickly - and that bits are dropping off the ancient frame. But it is nice to be remembered at all.

It is better to be the servant of God than the ruler of men.