Quotes

Beating the market averages, after paying substantial costs and fees, is an against-the-odds game; yet a few people can do it, particularly those who view it as a game full of craziness with an occasional mispriced something or other.

Understanding both the power of compound return and the difficulty getting it is the heart and soul of understanding a lot of things.

When you find a really good business run by first-class people, chances are a price that looks high isn’t high. The combination is rare enough, it’s worth a pretty good price.

When proper temperament joins with proper intellectual framework, then you get rational behavior.

I really believe it's better to learn from other people's mistakes as much as possible.

When people are desperately trying to sell, I buy. When people are desperately trying to buy, I sell. It has worked out very well over the years.

We learned in the '20s that markets with participants playing heavily on margins could be more dangerous than markets where people are dealing in cash.

Whatever can be sold, Wall Street will provide.

Any time you offer a big prize for a small amount of money, you encourage stupid behavior on behalf of those you're appealing to.

We try to get fearful when others are greedy. We try to get greedy when others are fearful. We try to avoid any kind of imitation of other people's behavior.

If you just buy businesses that your idiot nephew can run, you're going to do all right.

Absence of change is how you get rich in investing.