To buy when others are despondently selling and to sell when others are avidly buying requires the greatest fortitude and pays the greatest ultimate rewards.

There is no substitute for personally visiting companies and their countries.

If you are not willing to endure pain, you cannot get the gain.

Simplicity is the key to all true elegance.

-- Coco Chanel

I want to own companies where, if the stock market shut down for ten years, I'd be happy holding them.

-- Bruce Berkowitz

It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.

-- Charlie Munger

The big money is not in the buying and selling, but in the waiting.

-- Charlie Munger

Our favorite holding period is forever.

-- Warren Buffett

The single greatest edge an investor can have is a long-term orientation.

-- Seth Klarman