The investor's chief problem — and even his worst enemy — is likely to be himself.

The margin of safety is always dependent on the price paid.

An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.

Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it — even though others may hesitate or differ.

The individual investor should act consistently as an investor and not as a speculator.

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

Have patience. Stocks don't go up immediately.

-- Walter Schloss