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" Wide diversification is only required when investors do not understand what they are doing. "

Diversification

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" The first rule is not to lose. The second rule is not to forget the first rule. "

" Today people who hold cash equivalents feel comfortable. They shouldn't. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value. "

" When you combine ignorance and leverage, you get some pretty interesting results. "

" Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks. "

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

" I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years. "

" We've used up a lot of bullets. And we talk about stimulus. But the truth is, we're running a federal deficit that's 9 percent of GDP. That is stimulative as all get out. It's more stimulative than any policy we've followed since World War II. "

" Economic medicine that was previously meted out by the cupful has recently been dispensed by the barrel. These once unthinkable dosages will almost certainly bring on unwelcome after-effects. Their precise nature is anyone's guess, though one likely consequence is an onslaught of inflation. "

" You only have to do a very few things right in your life so long as you don't do too many things wrong. "

" Rule No.1: Never lose money. Rule No.2: Never forget rule No.1. "

" There are 309 million people out there that are trying to improve their lot in life. And we've got a system that allows them to do it. "

" I sent one e-mail in my life. I sent it to Jeff Raikes at Microsoft, and it ended up in court in Minneapolis, so I am one for one. "

" Value is what you get. "

" We always live in an uncertain world. What is certain is that the United States will go forward over time. "

" It's never paid to bet against America. We come through things, but its not always a smooth ride. "

" Someone is sitting in the shade today because someone planted a tree a long time ago. "

" Derivatives are financial weapons of mass destruction. "

" I would say the most satisfying thing actually is watching my three children each pick up on their own interests and work many more hours per week than most people that have jobs at trying to intelligently give away that money in fields that they particularly care about. "

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

" You do things when the opportunities come along. I've had periods in my life when I've had a bundle of ideas come along, and I've had long dry spells. If I get an idea next week, I'll do something. If not, I won't do a damn thing. "

" If anything, taxes for the lower and middle class and maybe even the upper middle class should even probably be cut further. But I think that people at the high end - people like myself - should be paying a lot more in taxes. We have it better than we've ever had it. "

" I think the most important factor in getting out of the recession actually is just the regenerative capacity of - of American capitalism. "

" If past history was all there was to the game, the richest people would be librarians. "

" The only time to buy these is on a day with no 'y' in it. "

" I am quite serious when I say that I do not believe there are, on the whole earth besides, so many intensified bores as in these United States. No man can form an adequate idea of the real meaning of the word, without coming here. "

" Of the billionaires I have known, money just brings out the basic traits in them. If they were jerks before they had money, they are simply jerks with a billion dollars. "

" Basically, when you get to my age, you'll really measure your success in life by how many of the people you want to have love you actually do love you. "

" Why not invest your assets in the companies you really like? As Mae West said, 'Too much of a good thing can be wonderful'. "

" It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price. "

" The big question about how people behave is whether they've got an Inner Scorecard or an Outer Scorecard. It helps if you can be satisfied with an Inner Scorecard. "