When a feeling dissolves, it ceases to be your enemy and begins to be one of your allies.

Anyone who has become rich twice is dumb. Why would you risk what you need and have for what you don’t need? If you are already rich, there is no upside to taking on a lot more risk, but there is disgrace on the downside.

All intelligent investing is value investing - acquiring more that you are paying for. You must value the business in order to value the stock

Investors have been so oversold on diversification that fear of having too many eggs in one basket has caused them to put far too little into companies they thoroughly know and far too much in others which they know nothing about.

If you want to know everything about the market, go to the beach. Push and pull your hands with the waves. Some are bigger waves, some are smaller. But if you try to push the wave out when it's coming in, it'll never happen. The market is always right.

It can be very expensive to try to convince the markets you are right.