Purchase Price

Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results.

- Warren Buffett

Understand Business

Don't try and figure out what the market is doing. Figure out a business you understand, and concentrate.

- John Maynard Keynes

Stock Price

If a business does well, the stock eventually follows.

- Warren Buffett

Falling Share Prices

Long-term shareholders benefit from a sinking stock market much as a regular purchaser of food benefits from declining food prices. So when the market plummets — as it will from time to time — neither panic nor mourn.

- Warren Buffett

Margin of Saftey

No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on what is called the 'margin of safety' - that is by never overpaying, no matter how exciting an investment seems to be, can you minimize your odds of error.

- Benjamin Graham

Volatility

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

- Warren Buffett

Excitement, Expenses & Market timing

Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy only when others are fearful.

- Warren Buffett