" The Stock Market is designed to transfer money from the Active to the Patient."
"Unless you can watch your stock holding decline by 50% without becoming panic-stricken, you should not be in the stock market."
"Our favourite holding period is forever."
"Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well.”
"The most common cause of low prices is pessimism - some times pervasive, some times specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It´s optimism that is the enemy of the rational buyer."
"Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it."
"If you expect to be a net saver during the next 5 years, should you hope for a higher or lower stock market during that period?"Many investors get this one wrong. Even though they are going to be net buyers of stocks for many years to come, they are elated when stock prices rise and depressed when they fall."This reaction makes no sense. Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices."