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

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.

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.

There's no such thing as a value company. Price is all that matters. At some price, an asset is a buy, at another it's a hold, and at another it's a sell.

It is the strongest, not the prettiest birds that conquer the sky.

We cannot enter into alliances until we are acquainted with the designs of our neighbors.

There is no thing known as bad luck. There is luck, or no luck at all.

I wish my family had taken more pictures when I was growing up. Instead of always having to draw everything.

We pay just as dearly for our triumphs as we do for our defeats. Go ahead and fail. But fail with wit, fail with grace, fail with style. A mediocre failure is as insufferable as a mediocre success.

One needs both leisure and money to make a successful book.

Some creatures are made to see in the dark.

The difference between corporations and governments is governments have a monopoly on force. It's a lot easier to vote with your feet or your wallet than it is to change a government with your vote.

If I can make people laugh it's like being a good lover.

When we truly discover love, capitalism will not be possible and Marxism will not be necessary.