Be fearful when others are greedy, and greedy when others are fearful.

Price is what you pay. Value is what you get.

It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

Our favorite holding period is forever.

Risk comes from not knowing what you're doing.

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