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.

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.

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

Courage begins the difficult deed, but fortune governs its outcome.

-- Democritus

Don't be intimidated by what you don't know. That can be your greatest strength and ensure that you do things differently from everyone else.

-- Sara Blakely

All our dreams can come true, if we have the courage to pursue them.

-- Walt Disney

Fearlessness is not the absence of fear. It's the mastery of fear.

-- Arianna Huffington

Being too far ahead of your time is indistinguishable from being wrong.

-- Howard Marks

Short selling is intellectually much harder than going long. You need to have a thesis, and you also need the courage to stick with it when things go against you.

-- David Einhorn