"When trillions of dollars are managed by Wall Streeters charging high fees, it will usually be the managers who reap outsized profits, not the clients."

"You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ."

"The stock market is a no-called-strike game. You don't have to swing at everything -- you can wait for your pitch."

"The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd."

"Lose money for the firm, and I will be understanding. Lose a shred of reputation for the firm, and I will be ruthless."

"It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently."

"Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be a more productive than energy devoted to patching leaks."

"I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years."

"All there is to investing is picking good stocks at good times and staying with them as long as they remain good companies."

"Buy a stock the way you would buy a house. Understand and like it such that you'd be content to own it in the absence of any market."

"Since I know of no way to reliably predict market movements, I recommend that you purchase Berkshire shares only if you expect to hold them for at least five years. Those who seek short-term profits should look elsewhere."

"An investor should act as though he had a lifetime decision card with just twenty punches on it."

"When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever."

"If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes."

"You can't produce a baby in one month by getting nine women pregnant."

"The best thing that happens to us is when a great company gets into temporary trouble...We want to buy them when they're on the operating table."

"Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down."

"Widespread fear is your friend as an investor because it serves up bargain purchases."

Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble."

It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

Some people, through luck and skill, end up with a lot of assets. If you're good at kicking a ball, writing software, investing in stocks, it pays extremely well.