"It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be intelligent."
"You are looking for a mispriced gamble. That's what investing is. And you have to know enough to know whether the gamble is mispriced. That's value investing. You should remember that good ideas are rare - when odds are heavily in your favor, bet big."
"Spend each day trying to be a little wiser than you were when you woke up. Discharge your duties faithfully and well. Slug it out one inch at a time, day by day. At the end of day - if you live long enough - most people get what they deserve."
"The desire to get rich fast is pretty dangerous."
"We all are learning, modifying or destroying ideas all the time. Rapid destruction of your ideas when the time is right is one of the most valuable qualities you can acquire. You must force yourself to consider arguments on the other side."
"It's bad to have an opinion you're proud of if you can't state the arguments for the other side better than your opponents. This is a great mental discipline."