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

The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.

In the short term, the market is a popularity contest. In the long term, the market is a weighing machine.

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.

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.

Nothing sedates rationality like large doses of effortless money.

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

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

It is not necessary to do extraordinary things to get extraordinary results.

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