“Risk to us is 1.) the risk of permanent loss of capital, or 2.) the risk of inadequate return.”

— Charlie Munger

'Ben Graham taught me 45 years ago that in investing it is not necessary to do extraordinary things to get extraordinary results.'

— Warren Buffett

“People underrate the importance of a few simple big ideas...”

— Charlie Munger

“It's a good habit to trumpet your failures and be quiet about your successes.”

— Charlie Munger

'Warren and I do more reading and thinking and less doing than most people in business...'

'That’s what created one of the most successful business records in history: Warren has a lot of time to think.'

— Charlie Munger

'I think that the most important investment you can make is in yourself.'

— Warren Buffett

'In the end, what counts is buying a good business at a decent price, and then forgetting about it for a long, long, long time. Some people can do it and some people can't.'

— Warren Buffett

“You're likely to make the most money with the ideas that are the simplest.”

— Mohnish Pabrai

'The hard part is discipline, patience, and judgment.'

— Seth Klarman

'By owning great companies, you can just forget about all the noise and the irrational market fluctuations—and slowly get rich.'

— Francois Rochon

'Just keep accumulating knowledge. That’s one of the beauties of the business that Charlie and I are in, is that everything is cumulative.'

— Warren Buffett

'Investing is the intersection of economics and psychology.'

— Seth Klarman

“Confusing the price with the story is the biggest mistake an investor can make.”

— Peter Lynch

'Our goal is to find outstanding businesses at sensible prices, not a mediocre business at a bargain price.'

—Warren Buffett

'We do better in worse times. In good times, everybody’s optimistic, security prices go to the moon.

In bad times, people are more worried, and so they let security prices decline—which is attractive to us.'

— Howard Marks

“What the wise man does in the beginning, the fool does in the end.”

— Warren Buffett

'You have to buy businesses and you have to buy them at attractive prices. And you have to buy into good businesses. That advice will be the same a hundred years from now. That’s what it’s all about.'

— Warren Buffett

'Chains of habit are too light to be felt until they are too heavy to be broken.'

— Warren Buffett

“Follow your passion. That’s the most important thing. And read like crazy—be curious about everything.”

— Chuck Akre

'Investment must be rational: if you can't understand it, don't do it.'

— Warren Buffett

'Recognize and adapt to the true nature of the world around you; don't expect it to adapt to you.'

— Charlie Munger