Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.
Risk comes from not knowing what you're doing.
It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.
It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
It's only when the tide goes out that you discover who's been swimming naked.
Chains of habit are too light to be felt until they are too heavy to be broken.
Our favorite holding period is forever
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