“Price is what you pay. Value is what you get.”

“Do not take yearly results too seriously. Instead, focus on four or five-year averages.”

“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.”

“Today people who hold cash equivalents feel comfortable. They shouldn’t. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value.”

“When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.”

“Beware the investment activity that produces applause; the great moves are usually greeted by yawns.”

“Never invest in a business you cannot understand.”

“All there is to investing is picking good stocks at good times and staying with them as long as they remain good companies.”

“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.”

“Buy a stock the way you would buy a house. Understand and like it such that you’d be content to own it in the absence of any market.”

“If you aren’t thinking about owning a stock for 10 years, don’t even think about owning it for 10 minutes.”

“The best thing that happens to us is when a great company gets into temporary trouble…We want to buy them when they’re on the operating table.”

“Diversification is protection against ignorance. It makes little sense if you know what you are doing.”

“Widespread fear is your friend as an investor because it serves up bargain purchases.”

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