The stock market is a no-called-strike game. You don't have to swing at everything — you can wait for your pitch. The problem when you're a money manager is that your fans keep yelling, "Swing, you bum!"

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.

Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble

Investment is most intelligent when it is most businesslike.

The courage to press on regardless—regardless of whether we face calm seas or rough seas, and especially when the market storms howl around us—is the quintessential attribute of the successful investor.

Those who spend too much will eventually be owned by those who are thrifty.