Lose money for the firm, and I will be understanding. Lose a shred of reputation for the firm, and I will be ruthless.
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.
Success in investing doesn't correlate with IQ ... what you need is the temperament to control the urges that get other people into trouble in investing.
You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ.
It's been an ideal period for investors: A climate of fear is their best friend. Those who invest only when commentators are upbeat end up paying a heavy price for meaningless reassurance.
We never want to count on the kindness of strangers in order to meet tomorrow's obligations. When forced to choose, I will not trade even a night's sleep for the chance of extra profits.
Cash ... is to a business as oxygen is to an individual: never thought about when it is present, the only thing in mind when it is absent.
The one thing I will tell you is the worst investment you can have is cash. Everybody is talking about cash being king and all that sort of thing. Cash is going to become worth less over time. But good businesses are going to become worth more over time.
One can best prepare themselves for the economic future by investing in your own education. If you study hard and learn at a young age, you will be in the best circumstances to secure your future.
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.
Keep things simple and don't swing for the fences. When promised quick profits, respond with a quick "no.
There is nothing wrong with a 'know nothing' investor who realizes it. The problem is when you are a 'know nothing' investor but you think you know something.
You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important; knowing its boundaries, however, is vital.
Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing.
I believe in giving my kids enough so they can do anything, but not so much that they can do nothing.
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