Hold cash when opportunities are not presenting themselves.

The single greatest edge an investor can have is a long-term orientation.

Value investing is at its core the marriage of a contrarian streak and a calculator.

Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.

The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.

In reality, no one knows what the market will do; trying to predict it is a waste of time, and investing based upon that prediction is a speculative undertaking.

Investment success cannot be captured in a mathematical equation or a computer program.

Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient

The near absence of bargains works as a reverse indicator for us. When we find there is little worth buying, there is probably much worth selling.

As Buffett has often observed, value investing is not a concept that can be learned and gradually applied over time. It is either absorbed and adopted at once, or it is never truly learned.

The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent.

What one does is what counts. Not what one had the intention of doing.

You pay by the hour, even if the job only takes five minutes. I don’t do fractions.

Only love can neutralize shame.

The English dance unites the guests of an evening by the spell of rhythmical movement into a chance casual community.

Some people love money and get into politics. If they love money so much, they should get into commerce, industry, or do whatever they want - it's no sin. But politics is for serving the people.

We at the U.N. have to take some of the blame, because we have not lowered expectations creating the impression we are here to save people, even when we have very limited resources.

It is a grave matter to enter a war, without adequate military preparation; it may prove fatal to come into peace, without moral and religious preparation.

Find out where the ball is, get there; hit it.

I may be a businessman in that I set up and run companies for profit, but when I try to plan ahead and dream up new products and new companies, I'm an idealist.

One hundred nations in the UN have not agreed with us on just about everything that's come before them, where we're involved, and it didn't upset my breakfast at all.