"The greatest source of wealth is the difference between your income and your lifestyle."
Money
"In the end, we will remember not the words of our enemies, but the silence of our friends."
Friendship
"Turn on CNBC and you'll see people arguing about which way the market's going to go. Those are not the people who are going to get rich."
Wisdom
"An investor must do thorough research to build conviction in an investment thesis."
Knowledge
"The three C's of investing are character, capacity, and capital."
Wisdom
"I never buy a stock unless it's in an area where I have real conviction."
Knowledge
"What you owe someone is more important than what you own."
Truth
"The stock market is not where poor people can invest their money, it's where people's money can become poor."
Money
"Spending money to show people how much money you have is the fastest way to have less money."
Money
"Human nature hasn't changed in hundreds of years. Fear and greed still drive people's actions."
Philosophy
"The person who is talented and has a poor temperament is worse than the average person with an even temperament."
Wisdom
"The way to get started is to quit talking and begin doing."
Motivation
"I would rather own a piece of a wonderful business than all of a mediocre business."
Success
"Develop your inner scorecard. Don't rely on what other people think."
Strength
"Time is the friend of the wonderful business and the enemy of the mediocre."
Time
"When you find the right partner, you really should treat them right."
Relationships
"Most investors would be far better off in an index fund than trying to pick individual stocks."
Knowledge
"Do not let inflation or taxes change your long-term thinking."
Wisdom
"The more successful you become, the more important integrity becomes."
Truth
"Every conversation with investors is an opportunity to learn something."
Education
"It takes 20 years to build a reputation and five minutes to ruin it."
Truth
"The best companies are those where no one is thinking about leaving."
Leadership
"In investing, it's not about how much you know, but how honestly you assess what you don't know."
Wisdom
"I pay attention to people who can identify the problem that nobody else is thinking about."
Knowledge
"You do things when the opportunities come along. I've had a philosophy of flexing to opportunities."
"The most important thing is to stay invested for the long term."
Patience
"I'm optimistic about America. People are still willing to work hard."
Hope
"Derivatives are financial weapons of mass destruction."
"You're only going to get one life and if you screw it up, it matters."
Life
"The best time to plant a tree was 20 years ago. The second best time is now."
Time