The best protection against risk is knowing what you are doing.

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.

and then the chosen lie would pass into the permanent records and become truth

I have met many sacred souls in reading.

People say, 'What's the secret to a marriage?' There's no secret - I think you get lucky.

I'd rather have a go at life, so there's something to talk about once we're gone.

I think the thing we must look for actually is a growth in our people and in whoever comes in a quality of courage to tell our people just what world conditions are.

You were at school and you were pimply and no one wanted to know you. You get into a group and you've got thousands of chicks there.

An ignorant person is, by the very fact of his or her ignorance, a very dangerous person.

[All governments] get into a rut where every potentially good story turns into a bad one.

I just keep pinching myself that that's my wife.

New Yorkers are so impersonal, if it wasn't for muggings there wouldn't be any contact at all!