Only buy something that you’d be perfectly happy to hold if the market shut down for 10 years.
If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minute.
Time is the friend of the wonderful company, the enemy of the mediocre.
Over the long term, the stock market news will be good. In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a fly epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.
Successful Investing takes time, discipline and patience. No matter how great the talent or effort, some things just take time: You can’t produce a baby in one month by getting nine women pregnant.
I call investing the greatest business in the world … because you never have to swing. You stand at the plate, the pitcher throws you General Motors at 47! U.S. Steel at 39! and nobody calls a strike on you. There’s no penalty except opportunity lost. All day you wait for the pitch you like; then when the fielders are asleep, you step up and hit it.
An investor should act as though he had a lifetime decision card with just twenty punches on it.
You only have to do a very few things right in your life so long as you don’t do too many things wrong.
The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.
It’s only when the tide goes out that you learn who has been swimming naked.
People always ask me where they should go to work, and I always tell them to go to work for whom they admire the most.
I learned to go into business only with people whom I like, trust, and admire.
here comes a time when you ought to start doing what you want. Take a job that you love. You will jump out of bed in the morning. I think you are out of your mind if you keep taking jobs that you don’t like because you think it will look good on your resume. Isn’t that a little like saving up sex for your old age?
I’m not interested in cars and my goal is not to make people envious. Don’t confuse the cost of living with the standard of living.
You’ve gotta keep control of your time, and you can’t unless you say no. You can’t let people set your agenda in life.
I believe in giving my kids enough so they can do anything, but not so much that they can do nothing.
What the wise do in the beginning, fools do in the end.
In some corner of the world they are probably still holding regular meetings of the Flat Earth Society. We derive no comfort because important people, vocal people, or great numbers of people agree with us. Nor do we derive comfort if they don’t.
I had a great teacher in life in my father. But I had another great teacher in terms of profession in terms of Ben Graham. I was lucky enough to get the right foundation very early on. And then basically I didn’t listen to anybody else. I just look in the mirror every morning and the mirror always agrees with me. And I go out and do what I believe I should be doing. And I’m not influenced by what other people think.
If you’re in the luckiest 1% of humanity, you owe it to the rest of humanity to think about the other 99%.
Risk comes from not knowing what you are doing.
I enjoy what I do, I tap dance to work every day. I work with people I love, doing what I love. The only thing I would pay to get rid of is firing people. I spend my time thinking about the future, not the past. The future is exciting. As Bertrand Russell says, “Success is getting what you want, happiness is wanting what you get.” I won the ovarian lottery the day I was born and so did all of you. We’re all successful, intelligent, educated. To focus on what you don’t have is a terrible mistake. With the gifts all of us have, if you are unhappy, it’s your own fault.