Rule No. 1: Never lose money; Rule No. 2: Don’t forget Rule No. 1

If you buy things you do not need, soon you will have to sell things you need.

I made my first investment at age eleven. I was wasting my life up until then.

Somebody once said that in looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if you don’t have the first, the other two will kill you. You think about it; it’s true. If you hire somebody without [integrity], you really want them to be dumb and lazy.

It’s nice to have a lot of money, but you know, you don’t want to keep it around forever. I prefer buying things. Otherwise, it’s a little like saving sex for your old age.

Wall Street is the only place that people ride to in a Rolls-Royce to get advice from those who take the subway.

It takes 20 years to build a reputation and five minutes to ruin it. If you think about that you’ll do things differently.

The most important thing to do if you find yourself in a hole is to stop digging.

Long ago, Ben Graham taught me that ‘Price is what you pay; value is what you get.’ Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.

I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.

There seems to be some perverse human characteristic that likes to make easy things difficult.

Never ask a barber if you need a haircut.

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.

Honesty is a very expensive gift; don’t expect it from cheap people.

I am a better investor because I am a businessman, and a better businessman, because I am no investor.

Never test the depth of the water with both feet.

I get to do what I like to do, every single day of the year.

Someone’s sitting in the shade today because someone planted a tree a long time ago.

Be fearful when others are greedy, and greedy when others are fearful

Life is like a snowball. The important thing is finding wet snow and a really long hill.

In the business world, the rearview mirror is always clearer than the windshield.

Do not save what is left after spending, but spend what is left after saving.

If you’ve been playing poker for half an hour and you still don’t know who the patsy is, you’re the patsy.

No matter how great the talent or efforts, some things just take time. You can’t produce a baby in one month by getting nine women pregnant.

Never depend on a single income. Make investments to create a second source.

You only have to do a very few things right in your life so long as you don’t do too many things wrong.

Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.

You only find out who is swimming naked when the tide goes out.

Risk comes from not knowing what you’re doing

In the business world, the rearview mirror is always clearer than the windshield.

It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

When forced to choose, I will not trade even a night’s sleep for the chance of extra profits.

Money will not change how healthy you are, or how many people you love.

Never invest in a business you cannot understand.

If you don’t feel comfortable owning something for 10 years, then don’t own it for 10 minutes.

Do not put all eggs in one basket.

I always knew I was going to be rich. I don’t think I ever doubted it for a minute.

Diversification is a protection against ignorance. It makes very little sense for those who know what they’re doing.

Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well.

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

A public-opinion poll is no substitute for thought.

Focus on your customers and lead your people as though their lives depended on your success.

Investing is simple, but not easy.

Things you like to do should be a hobby of yours, but things the world does should be a business of yours.

Successful investing means knowing when to buy, when to sell and when to rent.

Investing in yourself is the best thing you can do. Anything that improves your own talents; nobody can tax it or take it away from you.

We will reject interesting opportunities rather than over-leverage our balance sheet.

If past history was all there was to the game, the richest people would be librarians.

Either hold a rock concert, or a ballet; but don’t hold a rock concert and advertise it as a ballet.

The happiest people do not necessarily have the best things; they simply appreciate the things they have.

Chains of habit are too light to be felt until they are too heavy to be broken.

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