Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.

Time is the friend of the wonderful company, the enemy of the mediocre.

I personally think it would be better if the NYSE remained as a neutral, not-for-big-profit institution. The exchange has done a very good job over the centuries. It's one of the most important institutions in the world. The enemy of investment is activity.... I know the American investor will not be better off if volume doubles on the NYSE, and I know the NYSE will be trying to figure out how to do that if it is trying to maximize its own earnings per share. GM or IBM will not earn more money if their stock turns over more actively, but a for-profit NYSE will.

The investor of today does not profit from yesterday's growth.

Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years.

Unfortunately, the hangover from [the market bubble] may prove to be proportional to the binge.