If you understood a business perfectly and the future of the business, you need very little in the way of a margin of safety.

You need a lot of curiosity for a long, long time.

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.

It is madness to risk losing what you need in pursuing what you simply desire.

Success in investing doesn’t correlate with I.Q. Once you are above the level of 25; once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing.

We need a tax system that essentially takes very good care of the people who just really aren't as well adapted to the market system but are nevertheless doing useful things in the society.

If you buy the things you don't need, you will soon be selling the things that you need.

A lot of great fortunes in the world have been made by owning a single wonderful business. If you understand the business, you don't need to own very many of them.

Never risk what you have and need for what we don't have and don't need.