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A story that was passed down from Ben Graham illustrates the lemminglike behavior of the crowd: Let me tell you the story of the oil prospector who met St. Peter at the Pearly Gates. When told his occupation, St. Peter said, "Oh, I'm really sorry. You seem to meet all the tests to get into heaven. But we've got a terrible problem. See that pen over there? That's where we keep the oil prospectors waiting to get into heaven. And it's filled, we haven't got room for even one more." The oil prospector thought for a minute and said, "Would you mind if I just said four words to those folks? I can't see any harm in that," said St. Pete. So the old-timer cupped his hands and yelled out, "Oil discovered in hell!" Immediately, the oil prospectors wrenched the lock off the door of the pen and out they flew, flapping their wings as hard as they could for the lower regions. "You know, that's a pretty good trick," St. Pete said. "Move in. The place is yours. You've got plenty of room." The old fellow scratched his head an d said, "No. If you don't mind, I think I'll go along with the rest of them. There may be some truth to that rumor after all." -- Warren Buffett on Benjamin Graham Say not, 'I have found the truth,' but rather, 'I have found a truth.' -- Kahlil Gibran Experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime. A few major opportunities, clearly recognizable as such, will usually come to one who continuously searches and waits, with a curious mind that loves diagnosis involving multiple variables. And then all that is required is a willingness to bet heavily when the odds are extremely favorable, using resources available as a result of prudence and patience in the past. -- Charlie Munger “If you are a value investor, you have to be a long-term investor. And if you accept that, then you understand that you will lag your peers or the benchmark at times,” Mr. Eveillard said. “The truth is, it's warmer inside the herd. It's moving outside the herd that is hard to do.” -- Jean-Marie Eveillard "If you expect to be a net saver during the next 5 years, should you hope for a higher or lower stock market during that period?"Many investors get this one wrong. Even though they are going to be net buyers of stocks for many years to come, they are elated when stock prices rise and depressed when they fall."This reaction makes no sense. Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices." - 1997 Chairman's Letter to Shareholders -- Warren Buffett “You only have to do a very few things right in your life so long as you don’t do too many things wrong.” -- Warren Buffett "The Stock Market is designed to transfer money from the Active to the Patient." -- Warren Buffett In the short run, the market is a voting machine; in the long run, it's a weighing machine. -- Warren Buffett “We continue to adhere to a common-sense view of risk – how much we can lose and the probability of losing it. While this perspective may seem over simplistic or even hopelessly outdated, we believe it provides a vital clarity about the true risks in investing.” -- Seth Klarman "If you gave me the choice of being CEO of General Electric or IBM or General Motors, you name it, or delivering papers, I would deliver papers. I would. I enjoyed doing that. I can think about what I want to think. I don't have to do anything I don't want to do." -- Warren Buffett "Our favourite holding period is forever." -- Warren Buffett In investing, just as in baseball, to put runs on the scoreboard, one must watch the playing field, not the scoreboard. -- Warren Buffett "The line separating investment and speculation, which is never brightand clear, becomes blurred still further when most market participantshave recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball. They know that overstaying the festivities -- that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future -- will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is one helluva party. Therefore, the giddy participants all plan to leave just seconds before midnight. There's a problem, though: They are dancing in a room in which the clocks have no hands." - Berkshire Hathaway 2000 Chairman's Letter -- Warren Buffett "Don't try to buy at the bottom and sell at the top. This can't be done, except by liars." -- Bernard Baruch "The Stock Market is designed to transfer money from the active to the patient" -- Warren Buffett Fixable but unfixed bad performance is bad character and tends to create more of itself, causing more damage to the excuse giver with each tolerated instance. -- Charlie Munger “You do things when the opportunities come along. I’ve had periods in my life when I’ve had a bundle of ideas come along, and I’ve had long dry spells. If I get an idea next week, I’ll do something. If not, I won’t do a damn thing.” -- Warren Buffett "We don't get paid for activity, just for being right. As to how long we'll wait, we'll wait indefinitely." - 1998 Berkshire Hathaway Annual Meeting -- Warren Buffett