“If I have noticed anything over these 60 years on Wall Street, it is that people do not succeed in forecasting what`s going to happen to the stock market.”

Always buy your straw hats in the Winter

Those with the enterprise lack the money and those with the money lack the enterprise to buy stocks when they are cheap.

The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.

The people of the United States will not tolerate another deep depression that arises not from any lack of natural resources, productive capacity or man and brain power, but solely from imperfections in the functioning of the system of finance capitalism.

Confusing speculation with investment is always a mistake.

The market is a pendulum that forever swings between unsustainable optimism (which makes stocks too expensive) and unjustified pessimism (which makes them too cheap). The intelligent investor is a realist who sells to optimists and buys from pessimists.

Wall Street people learn nothing and forget everything.

The best values today are often found in the stocks that were once hot and have since gone cold.

Thus the important and difficult part of sound investment, which hinges upon the investor’s own temperament and attitude, is not much affected by the passing years.

For 99 issues out of 100 we could say that at some price they are cheap enough to buy and at some price they would be so dear that they would be sold.

In the short-run, the market is a voting machine – reflecting a voter-registration test that requires only money, not intelligence or emotional stability – but in the long- run, the market is a weighing machine.

The essence of investment management is the management of risks, not the management of returns.

Knowledge is only one ingredient on arriving at a stock’s proper price. The other ingredient, fully as important as information, is sound judgment.

Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.

To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return on Invested Capital (ROIC).

Undervaluations caused by neglect or prejudice may persist for an inconveniently long time, and the same applies to inflated prices caused by over-enthusiasm or artificial stimulants.

For years I thought my father was a hunchback. Turns out he didn’t know suspenders were adjustable.

Trade a player a year too early rather than a year too late.

You know what’s the rage this year? …Hats.

I think when I was two years old in the sandbox. I think I formulated my basic philosophy there, and I haven’t really had to alter it very much ever since

Then again, if the plant is slow growing, and you are getting older, you may want to start with a larger plant. I find myself buying larger plants each year.

In the years since 9/11, more terrorists have been created through this President’s policies than were captured or killed. There weren’t any terrorists in Iraq in 2003, but there are now.

We have arguments [with my father] and we had a lot of arguments in the years when I was at Michigan.

The idea that somebody who has done something horrible in a war is not willing to talk about it for 32 years is hardly a shocking idea. Quite the contrary.