Man is a creature of habit. You can't make three speculations and then stop.

Your brain determines your skill as an investor, but your heart determines whether you have enough confidence in your judgement to act decisively.

Good investors always demand a margin of safety.

Don't be a flash in the pan--success as an investor that is built up slowly and surely is the only kind that lasts.

All good investors deal in the long-term. The long-term gives you a perspective on the times you live in, letting you take a certain distance and putting you in a less emotionally charged position to see the shape of things to come.

The best way businesses use images and symbols is to organize them into a grand spectacle that awes investors and distracts them from unpleasant realities.

Investors beware: the visual contains great emotional power.

The essence of accounting deception is distraction.

The trick when evaluating management is to find a way to probe them, to find out their secrets and hidden intentions, without letting them know what you are up to.

Never go halfway into an investment.

Every investor needs a mirror for their actions. This can come from other people telling you what they see in you, but that is not the most trustworthy method: You must be the mirror, training your mind to see businesses for what they are and always demanding a margin of safety.

An investor should never lose the advantage of keeping silent.

In business, the key to fantasy is distance.

When trying to understand a business, the key is not only what to look for but where and how you look.

To understand your motives you should first ask yourself two questions: Why do you invest? Why do you invest the way you do?

Consider all your motives. Most investment decisions will satisfy some motives at the expense of others. You have to trade satisfactions, and your trades should fit your real priority--to not lose money.

The most costly mistake is trying to prove something by investing in a business you don't understand.

'Reading between the lines' can teach an investor suprising things, if they do it.

Hardly any investor probes enough.

The best investors are all focus investors; they will invest a large sum only when they have a margin of safety.

Make investments that allow you to invest the way you enjoy, but reduce your chance of losing money.

As an investor, you have to understand businesses quickly and remember what you have learned.

Good investors are usually observant, and the best investors really work at it.

Don't subcontract your investment decisions. Good investors prefer to be accountable.

A patient investor never hurries or becomes overly excited.

Thinking about beating the market may not be a problem, but having to do it is very hard.

Study a businessman as deeply as you would a business.

The content of an investor's character is what matters.

Cultivate the ability to see right to the core of a business, to discern its weaknesses, and to understand it completely.

Knowing when not to make an investment is every bit as important as knowing when to make an investment.

Investing without a margin of safety is insanity multiplied.

The ability to think straight is by far the most important asset an investor can have.

Businesses are known for what they seem, rather than what they are.

Never expect a speculator to think.

Margin of safety, the quest; purchase, the conquest; sale, the inquest.

Successful investments combine the maximum of value with the minimum of risk.

The only sin is risk.

Value investing--a contradiction in terms.

I follow my reason because I can trust it.

Wall Street never shuts up.

One investment in a great business at a great price in a lifetime is enough; two are many; three are hardly possible.

Invest in the business you know, not the business you hope to know.

If 80% of my return is coming from 20% of my portfolio, I focus on that 20%.

Reckless speculations add needless investment decisions.

An investor is someone who knows some of the worst mistakes that can be made in business, and how to avoid them.

Everybody’s investment is nobody’s investment.

Getting average results is deceptively simple. Getting above average results is endlessly complicated.

How many investments I make and how much money I invest is always flexible.

Where I invest is almost as important as how I invest.

Diversify less, but focus and invest more.

Self-denial is the spur of speculation.

I can't control the markets. I control myself.

An investment never succeeds, unless the investor knows the business.