Dancing in and out of securities (stocks)

"If you feel you can dance in and out of securities (stocks) in a way that defeats the inflation tax, I would like to be your broker, but not your partner"
[Warren Buffett in Warren Buffett Speaks by Janet Lowe]

Never have an opinion on the market

“Charlie and I never have an opinion on the market because it wouldn’t be any good and it might interfere with the opinions we have that are good.”
[Warren Buffett in Berkshire Hathaway's 1994 Annual Meeting]

On Diversification

"The strategy we've adopted precludes our following standard diversification dogma. Many pundits would therefore say the strategy must be riskier than that employed by more conventional investors. We disagree. We believe that a policy of portfolio concentration may well decrease risk if it raises, as it should, both the intensity with which an investor thinks about a business and the comfort-level he must feel with its economic characteristics before buying into it."

[Warren Buffett in Berkshire Hathaway's 1993 Annual Report]

The stock market is a no-called-strike game

"The stock market is a no-called-strike game. You don't have to swing at everything--you can wait for your pitch. The problem when you're a money manager is that your fans keep yelling, 'Swing, you bum!'"

[Warren Buffett in Berkshire Hathaway's 1998 Annual Meeting]

We don't get paid for activity

"We don't get paid for activity, just for being right. As to how long we'll wait, we'll wait indefinitely."

[Warren Buffett in Berkshire Hathaway's 1998 Annual Meeting]

If you expect to be a net saver during the next 5 years....

"If you expect to be a net saver during the next 5 years, should you hope for a higher or lower stock market during that period?"Many investors get this one wrong. Even though they are going to be net buyers of stocks for many years to come, they are elated when stock prices rise and depressed when they fall."This reaction makes no sense. Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices."

[Warren Buffett in Berkshire Hathaway's 1997 Annual Report]

Benjamin Graham's Mr. Market allegory may seem out-of-date

"Ben's Mr. Market allegory may seem out-of-date in today's investment world, in which most professionals and academicians talk of efficient markets, dynamic hedging and betas. Their interest in such matters is understandable, since techniques shrouded in mystery clearly have value to the purveyor of investment advice. After all, what witch doctor has ever achieved fame and fortune by simply advising 'Take two aspirins'? "

[Warren Buffett in Berkshire Hathaway's 1987 Annual Report]