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"Rule
Number One: Never lose money. Rule Number Two: Never forget Rule
Number One."
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"Investors
should remember that excitement and expenses are their
enemies."
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"Once
dumb money realizes its limitations, it then ceases to be
dumb.”
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“Look
at market fluctuations as your friend rather than your enemy;
profit from folly rather than participate in it.”
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“Risk
comes from not knowing what you're doing.”
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"Invest within
your circle of competence... it's not
how big your circle is, it's how well
defined the edges are."
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"Should
you find yourself in a chronically leaking boat, energy devoted
to changing vessels is likely to be more productive than energy
devoted to patching leaks.”
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"I
don't look to jump over 7-foot bars: I look around for 1-foot
bars that I can step over.”
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"We
simply attempt to be fearful when others are greedy and to be
greedy only when others are fearful.”
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"We
believe that according the name "investors" to
institutions that trade actively is like calling someone who
repeatedly engages in one-night stands a "romantic”
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"Success
in investing doesn't correlate with I.Q.
once you're above the level of 25. Once
you have ordinary intelligence, what you
need is the temperament to control the
urges that get other people into trouble
in investing."
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"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."
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"Someone's
sitting in the shade today because someone planted a tree a long
time ago."
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"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."
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"For
some reason, people take their cues from price action rather
than from values. What doesn’t work is when you start doing
things that you don't understand or because they worked last
week for somebody else. The dumbest reason in the world to buy a
stock is because it's going up. "
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"If
you're an investor, you're looking on what the asset is going to
do, if you're a speculator, you're commonly focusing on what the
price of the object is going to do, and that's not our
game."
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"Look
at market fluctuations as your friend rather than your enemy;
profit from folly rather than participate in it."
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"Price
is what you pay. Value is what you get."
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"Anyone
not aware of the fool in the market probably is the fool in the
market."
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"We
don't get paid for activity, just for
being right."
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"You’re
neither right nor wrong because other
people agree with you. You’re right
because your facts are right and your
reasoning is right—and that’s the
only thing that makes you right."
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"You
pay a high price in the stock market for
a cherry consensus."
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"The
future is never clear.
Uncertainty is the friend of the buyer
of long-term values."
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"Buy
a business not a stock."
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"If
you don't know jewelry, know the jeweler."