Quotes from Warren Buffett, Charlie Munger, Peter Lynch, and other great investors.
Successful Investors' Quotes
“People don’t know as much as they think they know. Society has a terrible time preparing for things that are remote but are possible and will occur sooner or later.”
— Warren Buffett
“If you want to try your luck at speculation, put aside a portion—the smaller the better—of your capital in a separate fund for this purpose… Never mingle your speculative and investment operations in the same account, nor in any part of your thinking.”
— Benjamin Graham
“It’s worth reminding ourselves from time to time that gyrations in a stock price may tell us absolutely nothing about the prospects of the company involved.”
— Peter Lynch
“A lot of great fortunes in the world have been made by owning a single wonderful business. If you understand the business and you know what you are doing, you don’t need very many of them.”
— Warren Buffett
“Save like a pessimist and invest like an optimist.”
— Morgan Housel
“Acknowledging what you don’t know is the dawning of wisdom.”
— Charlie Munger
“Here’s the key to understanding risk: it’s largely a matter of opinion.”
— Howard Marks
“The four most dangerous words in investing: It’s different this time.”
— John Templeton
“You can get in way more trouble with a good idea than a bad idea because you forget that the good idea has limits.”
— Benjamin Graham
“If you make yourself a very reliable person and stay reliable all your life, faithfully doing whatever you engage to do, it will be very hard for you to fail at anything you want.”
— Charlie Munger
“I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.”
— Charlie Munger
“There will be bear markets about twice every 10 years and recessions twice every 10-12 years but nobody has been able to predict them reliably.
So the best thing to do is buy when shares are thoroughly depressed and that means when other people are selling.”
— John Templeton
“It’s not supposed to be easy.”
— Charlie Munger
“The ability to do what you want, when you want, with who you want, for as long as you want, is priceless. It is the highest dividend money pays.”
— Morgan Housel
“You have to keep at it with a lot of curiosity for a long, long time.”
— Charlie Munger
“All there is to investing is picking good stocks at good times and staying with them as long as they remain good companies.”
— Warren Buffett
“One thing we’ve learned is, if it’s clear that something is a mistake, fix it quickly.
It doesn’t get better while you wait.”
— Charlie Munger
“In the world of business, the people who are most successful are those who are doing what they love.”
— Warren Buffett
“The most important thing to do if you find yourself in a hole is to stop digging.”
— Warren Buffett
“If you’ve been playing poker for half an hour and you still don’t know who the patsy is, you’re the patsy.”
— Warren Buffett
“Everything is in a constant state of change, and the wise investor recognizes that success is a process of continually seeking answers to new questions.”
— Sir John Templeton
“To make money in the markets, you have to think independently and be humble.”
— Ray Dalio
“Buying a cyclical after several years of record earnings and when the P/E ratio has hit a low point is a proven method for losing half of your money in a short period of time.”
— Peter Lynch
“Imagine how much stuff you’d have to make up if you were forced to talk 24/7—remember this when watching financial news on TV.”
— Morgan Housel
“Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results.”
— Warren Buffett
“All intelligent investing is value investing—acquiring more than you are paying for.”
— Charlie Munger
“In 1962, when I set up our office, I put seven items on the wall. Our art budget was $7, and I went down to the library, and for a dollar each I made photo copies of the pages from financial history…”
— Warren Buffett
“Failing to understand the lessons of history more than anything is what dooms investors to be victimized repeatedly cycle by cycle.”
— Howard Marks
“You must buy on the way down. There is far more volume on the way down than on the way up, and far less competition among buyers.
It is almost always better to be too early than too late…”
— Seth Klarman
“The stock market is a device for transferring money from the impatient to the patient.”
— Warren Buffett