Warren Buffett

“It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”

“If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes.”

“Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1.”

“The stock market is a device for transferring money from the impatient to the patient.”

“Our favorite holding period is forever.”

“Only when the tide goes out do you discover who's been swimming naked.”

“I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.”

“Diversification is protection against ignorance. It makes little sense if you know what you are doing.”

“Predicting rain doesn't count. Building arks does.”

“The best investment you can make is in yourself.”

“If you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.”

“I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.”

“The most important quality for an investor is temperament, not intellect.”

“You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with the 130 IQ.”

“Our favorite holding period is forever.”

“If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes.”

“The key to investing is not assessing how much an industry will affect society, or how much it will grow, but rather determining the competitive advantage of any given company.”

“I'd rather have a sure thing at a good return than a great thing at a high risk.”

“Investing is like baseball, you wait for the pitch that's right for you.”

“If you're on the wrong road, running doesn't help.”

“I never have an opinion on the market because it wouldn't be any good and it might interfere with the opinions we have that are good.”

“The most important thing in investing is knowing your circle of competence.”

“I like businesses that I can understand.”

“If you can't explain your investment to a six-year-old, you shouldn't invest in it.”

“Investing is not about IQ, it's about temperament.”

“I'd rather have a lumpy 15% return than a smooth 12% return.”

“The most dangerous words in investing are: This time it's different.”

“I never try to predict the market. I focus on the value of the business.”

“Investing is like rolling a snowball down a hill. You need wet snow and a long hill.”

“My favorite investment is one where I don't have to do anything.”

“If you don't understand a business, don't invest in it.”

“The most important thing in investing is to keep your head when everyone else is losing theirs.”

“Time is the friend of the wonderful company, the enemy of the mediocre.”

“I look for economic castles protected by unbreachable moats.”

“Success in investing doesn't correlate with IQ once you're above the level of 25. Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing.”

“Mr. Market is there to serve you, not to guide you.”

“We don't get paid for activity, just for being right. As to how long we'll wait, we'll wait indefinitely.”

“The three most important words in investing are: margin of safety.”

“I would rather be approximately right than precisely wrong.”

“The best thing that happens to us is when a great company gets into temporary trouble... We want to buy them when they're on the operating table.”

“We try to stick to businesses we believe we understand. That means they must be relatively simple and stable in character.”

“Investing is like marriage: if you expect excitement and passion, you're in for disappointment.”

“Cash is a call option with no expiration date, an option on every asset class, with no strike price.”

“We don't have to be smarter than the rest. We have to be more disciplined than the rest.”

“Risk comes from not knowing what you're doing. Volatility is not risk.”

“I've never used leverage. Never.”

“If you see a snake, just kill it. Don't appoint a committee on snakes.”

“We buy businesses, not stocks.”

“The key to investing is not assessing how much an industry will affect society, or how much it will grow, but rather determining the competitive advantage of any given company.”

“I'd rather have a sure thing at a good return than a great thing at a high risk.”

“The market may ignore business success for a while, but eventually will confirm it.”

“We look for businesses with pricing power.”

“The hardest thing in investing is doing nothing.”

“I don't invest in technology companies because I don't understand them.”

“If you can't read a company's annual report, you shouldn't invest in it.”

“We like businesses that can grow without needing much additional capital.”

“Investing is like waiting for the perfect pitch.”

“I'd rather have a simple business than a complex one.”

“The market can stay irrational longer than you can stay solvent.”

“We buy businesses we'd be happy to own forever.”

“The most important thing in investing is to avoid big mistakes.”

“I never have an opinion on the market's future direction.”

“We look for businesses with durable competitive advantages.”

“If you can't explain why a business has a competitive advantage, don't invest in it.”

“Investing is like rolling a snowball: you need wet snow and a long hill.”

“I'd rather have a steady 10% return than a volatile 20% return.”

“In the short run, the market is a voting machine but in the long run, it is a weighing machine.”

“We don't sell good businesses just because the market is down.”

“The most important quality for an investor is patience.”

“I never invest in businesses that require genius to run.”

“We look for businesses with high returns on capital.”

“If you can't stand market volatility, you shouldn't be in stocks.”

“Investing is like marriage: choosing is more important than trying.”

“I'd rather have a business I understand than a high-growth business I don't.”

“The market may ignore value, but not forever.”

“We don't try to time the market.”

“The most important thing in investing is to avoid permanent loss of capital.”

“I never invest in businesses with heavy debt.”

“We look for businesses with honest and capable management.”

“If you can't understand a company's cash flow, don't invest in it.”

“Investing is like waiting: most of the time you should do nothing.”

“I'd rather have a simple valuation than a complex one.”

“The market may be crazy, but eventually it comes to its senses.”

“We don't buy bad businesses just because they're cheap.”

“The most important thing in investing is independent thinking.”

“I never invest in businesses that require continuous capital investment.”

“We look for businesses with strong brands.”

“If you can't explain a company's moat, don't invest in it.”

“Investing is like planting trees: it takes time and patience.”

“I'd rather have a stable business than a cyclical one.”

“The market may reward speculators in the short term, but investors in the long term.”

“We don't sell good businesses just because the market is up.”

“Investing is like playing bridge: if you can't spot the sucker at the table, then you are the sucker.”

“I'd rather have a predictable bad outcome than an unpredictable good one.”

“We look for businesses with strong franchises.”

“The most important thing in investing is knowing when to say 'no'.”

“I never invest in businesses whose business models I don't understand.”

“The market may reward short-term speculation, but it punishes long-term speculation.”

“We look for businesses with high profit margins.”

“If you can't explain a company's competitive advantage, don't invest in it.”

“Investing is like waiting: patience is the greatest virtue.”

“I'd rather have a stable business than a high-growth but unpredictable one.”

“The market may ignore a company's value, but it won't ignore its cash flow.”

“We don't change our investment strategy based on market sentiment.”

“The most important thing in investing is to avoid following the crowd.”

“I never invest in businesses with complicated accounting.”

“We look for businesses with simple and understandable financial statements.”

“If you can't understand a company's balance sheet, don't invest in it.”

“Investing is like farming: you need patience to wait for the harvest.”

“I'd rather have a low-growth but stable business than a high-growth but volatile one.”

“The market may be driven by emotion, but ultimately it is driven by value.”

“We don't sell our core holdings because of market volatility.”

“The most important thing in investing is to maintain a long-term perspective.”

“I never invest in businesses with high debt ratios.”

“We look for businesses with strong cash generation capabilities.”

“If you can't explain a company's profit model, don't invest in it.”

“Investing is like a marathon: speed doesn't matter, finishing does.”

“I'd rather have a predictable business than an unpredictable one.”

“The market may misprice temporarily, but not permanently.”

“We don't change our long-term investments because of short-term noise.”

“The most important thing in investing is to avoid emotional decisions.”

“I never invest in businesses with governance issues.”

“We look for businesses with transparent management.”

“If you can't trust a company's management, don't invest in it.”

“Investing is like fishing: you need patience to wait for the fish to bite.”

“I'd rather have a low-return but safe investment than a high-return but risky one.”

“The market may reward short-term thinking, but it punishes long-term thinking.”

“We don't sell our quality assets because of market panic.”

“The most important thing in investing is to stick to your principles.”

“I never invest in businesses with unsustainable business models.”

“We look for businesses with strong customer loyalty.”

“If you can't explain a company's long-term prospects, don't invest in it.”

“Investing is like winemaking: it takes time to mature.”

“I'd rather have a slow-growing but certain business than a fast-growing but uncertain one.”

“The market may be driven by fear and greed, but ultimately it is driven by rationality.”

“We don't buy assets we don't understand because of market euphoria.”

“The most important thing in investing is knowing your limitations.”

“I never invest in businesses with high capital expenditure requirements.”

“We look for businesses with low capital expenditure requirements.”

“If you can't explain a company's capital allocation, don't invest in it.”

“Investing is like chess: you need to think several moves ahead.”

“I'd rather have a predictable return than an unpredictable one.”

“The market may ignore a company's quality, but it won't ignore its quantity.”

“We don't change our investment philosophy based on market trends.”

“The most important thing in investing is to avoid overconfidence.”

“I never invest in businesses with high employee turnover.”

“We look for businesses with stable workforces.”

“If you can't explain a company's culture, don't invest in it.”

“Investing is like gardening: you need regular pruning and care.”

“I'd rather have a low-volatility but stable investment than a high-volatility but unstable one.”

“The market may be driven by news, but ultimately it is driven by fundamentals.”

“We don't get distracted by market noise.”