On Investing

“A serious investor is not likely to believe that the day-to-day or even month-to-month fluctuations of the stock market make him richer or poorer."

“In the short run, the market is a voting machine, but in the long run it is a weighing machine."

Benjamin Graham, father of modern value investing

“The stock market is a device for transferring money from the impatient to the patient."

“I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over."

“Be fearful when others are greedy and greedy only when others are fearful."

“Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it."

“Only buy something that you’d be perfectly happy to hold if the market shut down for 10 years."

“Price is what you pay. Value is what you get."

“Rule #1: Never lose money. Rule #2: Never forget Rule #1."

Warren Buffett, master value investor, businessman, and philanthropist

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Published: July 27, 2006Last updated: July 27, 2006

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