1. "Be fearful when others are greedy. Be greedy when others are fearful."
2. "The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd."
3. "The stock market is a no-called-strike game. You don't have to swing at everything--you can wait for your pitch. The problem when you're a money manager is that your fans keep yelling, 'Swing, you bum!'"
4. "Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble."
5. "If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes. Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio's market value."
6. "It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price." (Berkshire Hathaway started by buying fair comapnies at wonderful prices and then switched models)
7. "The difference between successful people and really successful people is that really successful people say no to almost everything."
8. "We've long felt that the only value of stock forecasters is to make fortune tellers look good. Even now, Charlie and I continue to believe that short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children."
9. "It is not necessary to do extraordinary things to get extraordinary results."
10. "I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business."
11. "Stocks of companies selling commodity-like products should come with a warning label: ‘Competition may prove hazardous to human wealth.’"
12. "I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over." "There seems to be some perverse human characteristic that likes to make easy things difficult"
13. "If each of us hires people who are smaller than we are, we shall become a company of dwarfs. But, if each of us hires people who are bigger than we are, we shall become a company of giants."
14. "When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact."
15. "Tell me who your heroes are and I’ll tell you how you’ll turn out to be."
And a couple Charlie Munger ones:
1. "The highest form that civilization can reach is a seamless web of deserved trust — not much procedure, just totally reliable people correctly trusting one another. ... In your own life what you want is a seamless web of deserved trust. And if your proposed marriage contract has forty-seven pages, I suggest you not enter."
2. “I think that one should recognize reality even when one doesn’t like it; indeed, especially when one doesn’t like it.”
3. "Wall Street has too much wealth and political power."
4. "I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge."