"You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right."

"Don't get caught up with what other people are doing. Being a contrarian isn't the key but being a crowd follower isn't either. You need to detach yourself emotionally."

"Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can't buy what is popular and do well."

"We've long felt that the only value of stock forecasters is to make fortune tellers look good. Even now, Charlie and I continue to believe that short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children."

"In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497."

"In the 54 years (Charlie Munger and I) have worked together, we have never forgone an attractive purchase because of the macro or political environment, or the views of other people. In fact, these subjects never come up when we make decisions."

"Read 500 pages like this every day. That's how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it."

"One can best prepare themselves for the economic future by investing in your own education. If you study hard and learn at a young age, you will be in the best circumstances to secure your future."

"The most important investment you can make is in yourself."

"One thing that could help would be to write down the reason you are buying a stock before your purchase. Write down "I am buying Microsoft at $300 billion because..." Force yourself to write this down. It clarifies your mind and discipline."

"We want products where people feel like kissing you instead of slapping you."

"Buy companies with strong histories of profitability and with a dominant business franchise."

"If you don't feel comfortable making a rough estimate of the asset's future earnings, just forget it and move on."

"Risk comes from not knowing what you're doing."

Never invest in a business you cannot understand."

Buy into a company because you want to own it, not because you want the stock to go up.

Success in investing doesn't correlate with IQ ... what you need is the temperament to control the urges that get other people into trouble in investing.

Charlie and I view the marketable common stocks that Berkshire owns as interests in businesses, not as ticker symbols to be bought or sold based on their "chart" patterns, the "target" prices of analysts, or the opinions of media pundits.

The one thing I will tell you is the worst investment you can have is cash. Everybody is talking about cash being king and all that sort of thing. Cash is going to become worth less over time. But good businesses are going to become worth more over time."

"Cash ... is to a business as oxygen is to an individual: never thought about when it is present, the only thing in mind when it is absent"

"We never want to count on the kindness of strangers in order to meet tomorrow's obligations. When forced to choose, I will not trade even a night's sleep for the chance of extra profits."

Too-big-to-fail is not a fallback position at Berkshire. Instead, we will always arrange our affairs so that any requirements for cash we may conceivably have will be dwarfed by our own liquidity."

"If returns are going to be 7 or 8 percent and you're paying 1 percent for fees, that makes an enormous difference in how much money you're going to have in retirement."

"Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway."