In the short run, the market is a voting machine but in the long run, it is a weighing machine.

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

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.

By failing to prepare, you are preparing to fail.

-- Benjamin Franklin

Conceive optimistically, plan pessimistically, execute optimistically.

-- Kazuo Inamori

The most important thing is being attentive to cycles.

-- Howard Marks

You can't predict. You can prepare.

-- Howard Marks

I try to invest in companies where the downside is limited and the upside is significant.

-- Bruce Berkowitz

I try to learn from every mistake. When we lose money, I want to understand exactly why we lost it.

-- David Einhorn