“Price is what you pay. Value is what you get.” Warren Buffett · Berkshire Hathaway shareholder letters
“Be fearful when others are greedy and greedy when others are fearful.” Warren Buffett · Berkshire Hathaway shareholder letters
“Our favorite holding period is forever.” Warren Buffett · Berkshire Hathaway 1988 shareholder letter
“It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.” Warren Buffett · Berkshire Hathaway 1989 shareholder letter
“The big money is not in the buying and the selling, but in the waiting.” Charlie Munger · Berkshire Hathaway meetings
“Apple has some tremendous assets, but I believe without some attention, the company could, could, could — I'm searching for the right word — could, could die.” Steve Jobs
“When thinking about starting a business, I think it’s actually better to start in a trough and come to market in a peak, than the other way around. Frankly, if anything does, and it’s almost cliché, space has a long-term future.” Elon Musk
“You're dealing with a lot of silly people in the marketplace'''; it's like a great big casino and everyone else is boozing. If you can stick with Pepsi, you should be O.K.” Warren Buffett
“Investors making purchases in an overheated market need to recognize that it may often take an extended period for the value of even an outstanding company to catch up with the price they paid.” Warren Buffett
“Success in investing doesn't correlate with I.Q. once you're above the level of 125. Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing.” Warren Buffett
“Our performance, relatively, is likely to be better in a bear market than in a bull market ... in a year when the general market had a substantial advance, I would be well satisfied to match the advance of the averages.” Warren Buffett
“An irresistible footnote: in 1971, pension fund managers invested a record 122% of net funds available in equities — at full prices they couldn't buy enough of them. In 1974, after the bottom had fallen out, they committed a then record low of 21% to stocks.” Warren Buffett
“It's simply to say that managers and investors alike must understand that accounting numbers is the beginning, not the end, of business valuation.” Warren Buffett
“Our stay-put behavior reflects our view that the stock market serves as a relocation center at which money is moved from the active to the patient.” Warren Buffett
“Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy only when others are fearful.” Warren Buffett
“Our most important aim is to develop definite personalities in our cartoon characters. We don't want them to be just shadows, for merely as moving figures they provoke no emotional response from the public. We invest them with life a caricature of life.” Walt Disney
“My philosophy is that if I have any money I invest it in new ventures and not have it sitting around.” Richard Branson
“When central banks print a lot of money to relieve a crisis, buy stocks, gold, and commodities because their value will rise and the value of paper money will fall.” Ray Dalio
“Over a short time increment, one observes the variability of the portfolio, not the returns. ...[O]ne sees the variance, little else. ...Our emotions are not designed to understand the point. ...I deal with it by having no access to information. ...I prefer to read poetry.” Nassim Nicholas Taleb
“[T]hey share the traits of the acute successful randomness fool who, in addition, operates in the most random of environments. ...[T]heir bosses and employers shared the same trait. They, too, are permanently out of the market.” Nassim Nicholas Taleb
“Sometimes market data becomes a simple trap; it shows you the opposite of its nature... [e.g.,] Currencies that exhibit the largest historical stability... are the most prone to crashes.” Nassim Nicholas Taleb
“Quasi-integration is to use debt or equity investments and other means to create alliances between vertically related firms without full ownership.” Michael Porter
“Apple has some tremendous assets, but I believe without some attention, the company could, could, could — I'm searching for the right word — could, could die.” Steve Jobs