* Wall Street is the only place that people ride to in a Rolls-Royce to get advice from those who take the subway
* In the short run, the market is a voting machine but in the long run it is a weighing machine
* It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price
* I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years
* The critical investment factor is determining the intrinsic value of a business and paying a fair or bargain price
* Diversification is a protection against ignorance. It makes very little sense for those who know what they are doing.
* The investor of today does not profit from yesterday's growth.
* Of the billionaires I have known, money just brings out the basic traits in them. If they were jerks before they had money, they are simply jerks with a billion dollars.
* Turnarounds seldom turn
* It's only when the tide goes out that you learn who's been swimming naked.
* If past history was all there was to the game, the richest people would be librarians.
* I do not like debt and do not like to invest in companies that have too much debt, particularly long-term debt. With long-term debt, increases in interest rates can drastically affect company profits and make future cash flows less predictable.
* I buy expensive suits. They just look cheap on me.