If farming were to be organised like the stock market, a farmer would sell his farm in the morning when it was raining, only to buy it back in the afternoon when the sun came out.

It is the duty of the long-term investor to endure great losses with equanimity.

Whenever you save five shillings you put a man out of work for a day.

When the final result is expected to be a compromise, it is often prudent to start from an extreme position.

Conservatism leads nowhere; it satisfies no ideal.

When my information changes, I alter my conclusions. What do you do, sir?

There is nothing so disastrous as a rational investment policy in an irrational world.

The key to selecting the winner isn't choosing the face you think is the most beautiful but rather the face other people will pick

The outstanding faults of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes.

The expected never happens; it is the unexpected always.

Successful investing is anticipating the anticipations of others.

Education: the inculcation of the incomprehensible into the indifferent by the incompetent.

Experience shows that what happens is always the thing against which one has not made provision in advance.

The biggest problem is not to let people accept new ideas, but to let them forget the old ones.

It is a good thing to make mistakes so long as you're found out quickly.

The markets are moved by animal spirits, and not by reason.

If you owe your bank manager a thousand pounds, you are at his mercy. If you owe him a million pounds, he is at your mercy.

Long run is a misleading guide to current affairs. In the long run we are all dead.

It is better to be roughly right than precisely wrong.