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

"Be fearful when others are greedy, and greedy when others are fearful."

"Price is what you pay. Value is what you get."

"Risk comes from not knowing what you're doing."

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

"The big money is not in the buying and selling, but in the waiting."

"Invert, always invert: Turn a situation or problem upside down. Look at it backward."

"Spend each day trying to be a little wiser than you were when you woke up."

"The first rule of compounding: Never interrupt it unnecessarily."

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

"The investor's chief problem—and even his worst enemy—is likely to be himself."

"The margin of safety is always dependent on the price paid."

"An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return."

"Know what you own, and know why you own it."

"The key to making money in stocks is not to get scared out of them."

"Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves."

"Go for a business that any idiot can run—because sooner or later, any idiot probably is going to run it."

"The difficulty lies not so much in developing new ideas as in escaping from old ones."

"Markets can remain irrational longer than you can remain solvent."

"The long run is a misleading guide to current affairs. In the long run we are all dead."

"The most important thing is to be aware of how little we know."

"You can't predict. You can prepare."

"Investment success doesn't come from buying good things, but from buying things well."

"The biggest investing errors come not from factors that are informational or analytical, but from those that are psychological."

"He who lives by the crystal ball will eat shattered glass."

"Pain + Reflection = Progress."

"Diversifying well is the most important thing you need to do in order to invest well."

"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."

"The stock market is filled with individuals who know the price of everything, but the value of nothing."

"I don't want a lot of good investments; I want a few outstanding ones."

"The four most dangerous words in investing are: 'This time it's different.'"

"Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria."

"It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong."

"Markets are constantly in a state of uncertainty and flux, and money is made by discounting the obvious and betting on the unexpected."

"In life and business, there are two cardinal sins: The first is to act precipitously without thought, and the second is to not act at all."

"Unconventional success requires the adoption of uncomfortably idiosyncratic portfolios."

"Active management strategies demand uncommon skill and uncommon temperament."

"Don't look for the needle in the haystack. Just buy the haystack!"

"Time is your friend; impulse is your enemy."

"The miracle of compounding returns is overwhelmed by the tyranny of compounding costs."

"There is nothing new in Wall Street. There can't be because speculation is as old as the hills."

"The game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the person of inferior emotional balance."

"Heads I win, tails I don't lose much."

"The best investment you can make is in yourself."