Sucess by business and not by share prices

Charlie and I let our marketable equities tell us by their operating results-not by their daily, or even yearly, price quotations-whether our investments are successful. The market may ignore business success for a while, but eventually will confirm it.

- Warren Buffett

Wall street's confusion

Wall Street sometimes gets confused between risk and uncertainty, and you can profit handsomely from that confusion. The low-risk, high-uncertainty [situation] gives us our most sought after coin-toss odds. Heads, I win; tails, I don’t lose much!

- Mohnish Pabrai

Holding stocks in high inflation period

Partly, it’s habit. Partly, it’s just that stocks mean business, and owning businesses is much more interesting than owning gold or farmland. Besides, stocks are probably still the best of all the poor alternatives in an era of inflation - at least they are if you buy in at appropriate prices.

- Warren Buffett (on why he holds stocks even in times of high inflation)

Business schools

The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.

- Warren Buffett

Fortunes built from ...

A disproportionate number of the great business fortunes built up during the inflationary years arose from ownership of operations that combined intangibles of lasting value with relatively minor requirements for tangible assets.

- Warren Buffett

Human nature

Human beings are subject to wild swings in their levels of fear, risk tolerance and greed. That won’t change. I base my whole approach on buying when others are fearful and selling when others are greedy. The reason Shakespeare is so relevant still today is that his plays were all about human nature, and human nature never changes.

- Mark Sellers

Not to panic is still a decision

You can wait for opportunities that fit your criteria and if you don’t find them, patiently wait. Deciding not to panic is still a decision.

- Seth Klarman