"Consciously paying more for a stock than..." - Quote by Warren Buffett

“I checked the actuarial tables, and the lowest death rate is among six-year-olds. So I decided to eat like a six-year-old.”

“Sound investing can make you very wealthy if you're not in too big a hurry”

“There is no substitute for a local newspaper that is doing its job.”

“The banks themselves were doing business on capitals three-fourths of which were fictitious. This fictitious capital... is now to be lost, and to fall on somebody; it must take on those who have property to meet it, and probably on the less cautious part, who, not aware of the impending catastrophe, have suffered themselves to contract, or to be in debt, and must now sacrifice their property of a value many times the amount of the debt. We have been truly sowing the wind, and are now reaping the whirlwind.”

“Our public credit is good, but the abundance of paper has produced a spirit of gambling in the funds, which has laid up our ships at the wharves as too slow instruments of profit, and has even disarmed the hand of the tailor of his needle and thimble. They say the evil will cure itself. I wish it may; but I have rarely seen a gamester cured, even by the disasters of his vocation.”

“O speculators about perpetual motion, how many vain chimeras have you created in the like quest? Go and take your place with the seekers after gold.”

“When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.”

“I am out of step with present conditions. When the game is no longer played your way, it is only human to say the new approach is all wrong, bound to lead to trouble, and so on. On one point, however, I am clear. I will not abandon a previous approach whose logic I understand ( although I find it difficult to apply ) even though it may mean foregoing large, and apparently easy, profits to embrace an approach which I don't fully understand, have not practiced successfully, and which possibly could lead to substantial permanent loss of capital.”

“Investment philosophy is the clear understanding that by owning shares of stocks he owns businesses, not pieces of paper.”