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Diversification is protection against ignorance. It makes little sense if you know what you are doing.

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Buy a stock the way you would buy a house. Understand and like it such that you’d be content to own it in the absence of any market.

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“There is nothing wrong with a ‘know nothing’ investor who realizes it. The problem is when you are a ‘know nothing’ investor but you think you know something.

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What counts for most people in investing vs saving is not how much they know, but rather how realistically they define what they don’t know.

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Success in investing doesn’t correlate with IQ

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You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.

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An investor should act as though he had a lifetime decision card with just twenty punches on it.

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The stock market is designed to transfer money from the active to the patient.

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Calling someone who trades actively in the market an investor is like calling someone who repeatedly engages in one-night stands a romantic.

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All there is to investing is picking good stocks at good times and staying with them as long as they remain good companies.

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