“If you don’t study any companies, you have the same success buying stocks as you do in a poker game if you bet without looking at your cards.”

“It’s not always easy to do what’s not popular, but that’s where you make your money. Buy stocks that look bad to less careful investors and hang on until their real value is recognized.”

“The stock market is filled with individuals who know the price of everything, but the value of nothing.”

“The four most dangerous words in investing are: ‘This time it’s different.'”

“In investing, what is comfortable is rarely profitable.”

“This company looks cheap, that company looks cheap, but the overall economy could completely screw it up. The key is to wait. Sometimes the hardest thing to do is to do nothing.”

“An idiot with a plan can beat a genius without a plan.”

“The time to diversify is not exactly at the peak of the markets – as that’s extremely difficult to time; instead, in our humble opinion, managing risk consists of stress testing one’s portfolio before the tide turns, then taking initiatives.”

“It is difficult to get a man to see something when his salary is dependent upon his not seeing it.”

“The Sillier the markets behave, the greater the opportunity for the businesslike investor.”

“Clearly they are not thinking. Because thinking takes work. Most people don’t like to work. They like to pretend to work.”

“Anyone can hold the helm when the sea is calm.”