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While knowing how to value businesses is essential for investment success, the first and perhaps most important step in the investment process is knowing where to look for opportunities
Oct 2, 2025
In the world of business, the people who are most successful are those who are doing what they love.
... not doing what we love in the name of greed is very poor management of our lives.
Never depend on single income. Make investment to create a second source.
The key to investment success is emotional discipline. Making money has nothing to do with intelligence. To be a successful investor, you have to be able to admit mistakes. I trained a guy to trade who had a 188 IQ. He was on "Jeopardy" once and answered every question correctly. That same person never made a dime in trading during 5 years!
Long-term investment success is almost totally a function of how one emotionally handles declines in the equity market, as opposed to how one's portfolio handles them.
It is always easiest to run with the herd; at times, it can take a deep reservoir of courage and conviction to stand apart from it. Yet distancing yourself from the crowd is an essential component of long-term investment success.
Having great clients is the key to investment success.
Investment success cannot be captured in a mathematical equation or a computer program.
Occasionally we are asked whether it would make sense to modify our investment strategy to perform better in today's financial climate. Our answer, as you might guess, is: No! It would be easyfor us to capitulate to the runaway bull market in growth and technology stocks. And foolhardy. And irresponsible. And unconscionable. It is always easiest to run with the herd; at times, it can take a deep reservoir of courage and conviction to stand apart from it. Yet distancing yourself from the crowd is an essential component of long-term investment success.
Investment success does not require glamour stocks or bull markets.
Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.
In the business world, the rearview mirror is always clearer than the windshield.
Very successful people say no to almost everything.
Honesty is a very expensive gift, Don't expect it from cheap people.
Only when the tide goes out do you discover who's been swimming naked.
You only have to do a very few things right in your life so long as you don't do too many things wrong.
Investors should remember that excitement and expenses are their enemies.
You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ.
Investment success accrues not so much to the brilliant as to the disciplined.
Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.
Beware of little expenses. A small leak will sink a great ship.
We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.
In the short run, the market is a voting machine, but in the long run it is a weighing machine.
Risk comes from not knowing what you're doing.
Experience taught me a few things. One is to listen to your gut, no matter how good something sounds on paper. The second is that you're generally better off sticking with what you know. And the third is that sometimes your best investments are the ones you don't make.
The best investment you can make is in yourself.
It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
Wide diversification is only required when investors do not understand what they are doing.
Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years.
Sometimes your best investments are the ones you don't make.
Time is the friend of the wonderful company, the enemy of the mediocre.
The difference between successful people and really successful people is that really successful people say no to almost everything.
The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.
I don't look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.
Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.
Chains of habit are too light to be felt until they are too heavy to be broken.
Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it.
It's better to hang out with people better than you. Pick out associates whose behavior is better than yours and you'll drift in that direction.
The value of market esoterica to the consumer of investment advice is a different story. In my opinion, investment success will not be produced by arcane formulae, computer programs or signals flashed by the price behavior of stocks and markets. Rather an investor will succeed by coupling good business judgment with an ability to insulate his thoughts and behavior from the super-contagious emotions that swirl about the marketplace.
Someone is sitting in the shade today because someone planted a tree a long time ago.
It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.
Successful investors tend to be unemotional, allowing the greed and fear of others to play into their hands. By having confidence in their own analysis and judgement, they respond to market forces not with blind emotion but with calculated reason. Successful investors, for example, demonstrate caution in frothy markets and steadfast conviction in panicky ones. Indeed, the very way an investor views the market and it’s price fluctuations is a key factor in his or her ultimate investment success or failure.
Don't put all your eggs in one basket.
Do not put all your eggs in one basket.
Wall Street can be a dangerous place for investors. You have no choice but to do business there, but you must always be on your guard. The standard behavior of Wall Streeters is to pursue maximization of self-interest; the orientation is usually short term. This must be acknowledged, accepted, and dealt with. If you transact business with Wall Street with these caveats in mind, you can prosper. If you depend on Wall Street to help you, investment success may remain elusive.
I have not failed. I've just found 10,000 ways that won't work.
The ability to change one's mind is probably a key characteristic of the successful investor. Dogmatic and rigid personalities rarely, if ever, succeed in the markets. The markets are a dynamic process, and sustained investment success requires the ability to modify and even change strategies as markets evolve.
An investment in knowledge pays the best interest.
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