Typically, we make money when we buy things. We count the profits later, but we know we have captured them when we buy the bargain.

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.

We see people and things not as they are, but as we are.

Just when we thought everything was going to be okay, we all fell apart.

I believe that in the historic and religious nature, marriage is between a man and a woman.

I feel like I have a hangover, without all the happy memories and mystery bruises.

It's helpful to be prepared to celebrate the tiny things that you can do, where you meet the world and you negotiate an outcome that's quite tiny. But you can still make it feel remarkable.

Truth only smells sweet forever, and illusions, however innocent, are deadly as the canker worm.

There's no reason to play in the NBA if you don't believe you can win it all.

The babe is at peace within the womb, the corpse is at rest within the tomb. We begin in what we end.

After years of hotels, I'm horribly inept at cleaning up after myself.

You've got to be ready for the fastball.