“In trading/ investing it’s not about how much you make, but how much you don’t lose”

A man sentenced to death obtained a reprieve by assuring the king he would teach his majesty’s horse to fly within the year – on the condition that if he didn’t succeed, he would be put to death at the end of the year. “Within a year,” the man explained later.

Our problem in money-making or government affairs is how to remain properly venturesome and experimental without making fools of ourselves.

Don’t try to buy at the bottom and sell at the top. It can’t be done except by liars.

Now is always the hardest time to invest.

Let us not deceive ourselves: we must elect world peace or world destruction.

Beware of barbers, beauticians, waiters – or anyone – bringing gifts of ‘inside’ information or tips. Don’t try to be a jack of all investment. Stick to the field you know best.

Whatever task you undertake, do it with all your heart and soul. Always be courteous, never be discouraged.

Always do one thing less than you think you can do.

What else but our own sturdy reliance on freedom can explain the unexampled record this country has made?

Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he is wrong.

When good news about the market hits the front page of the New York Times, sell.

Never play tips from “insiders.” They can’t see the forest for the trees.

Two things are bad for the heart – running up stairs and running down people.

Age is only a number, a cipher for the records. A man can’t retire his experience. He must use it. Experience achieves more with less energy and time.

Never follow the crowd.

We grow neither better or worse as we get old, but more like ourselves.

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

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).

The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates.

The intelligent investor shouldn’t ignore Mr. Market entirely. Instead, you should do business with him- but only to the extent that it serves your interests.

Individuals who cannot master their emotions are ill-suited to profit from the investment process.

If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume.

Successful investing is about managing risk, not avoiding it.