Price is what you pay. Value is what you get.
Risk comes from not knowing what you’re doing.
Only when the tide goes out do you discover who’s been swimming naked.
I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.
Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.
In the business world, the rearview mirror is always clearer than the windshield.
The first rule is not to lose. The second rule is not to forget the first rule.
When you combine ignorance and leverage, you get some pretty interesting results.
Derivatives are financial weapons of mass destruction.
A public-opinion poll is no substitute for thought.
It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.
There seems to be some perverse human characteristic that likes to make easy things difficult.
We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.
Our favorite holding period is forever.
The investor of today does not profit from yesterday’s growth.
Only buy something that you’d be perfectly happy to hold if the market shut down for 10 years.
Time is the friend of the wonderful company, the enemy of the mediocre.
Let blockheads read what blockheads wrote.
You only have to do a very few things right in your life so long as you don’t do too many things wrong.
If past history was all there was to the game, the richest people would be librarians.
It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction.
I like to go for cinches. I like to shoot fish in a barrel. But I like to do it after the water has run out.
image – Aaron Friedman