Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No. 1.

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.

Knowing others is intelligence; knowing yourself is true wisdom. Mastering others is strength; mastering yourself is true power.

-- Laozi

Those who fully develop their mind know their nature. Knowing their nature, they know Heaven.

-- Mencius

It is in the knowledge of the true conditions of our life that we must draw our strength to live and our reasons to act.

-- Simone de Beauvoir

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