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 Market allegory may seem out-of-date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 Market allegory may seem out-of-date in today's investment world, in which most professionals and academicians talk of efficient markets, dynamic hedging and betas.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]

The most important quality for an investor

"The most important quality for an investor is temperament, not intellect. You don't need tons of IQ in this business. You don't have to be able to play three-dimensional chess or duplicate bridge. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd. You know you're right, not because of the position of others, but because your facts and your reasoning are right."

[Warren Buffett in Adam's Smith's Money World show, June 20, 1988]

Business school

"Business school rewards complex behavior more than simple behavior; but simple behavior is more effective."

[Warren Buffett talks to Patricia Bauer, 1986 appear in Channel magazine]

Trend toward value investing

"I've seen no trend toward value investing in the 35 years I've practiced it. There seems to be some perverse human characteristics that likes to make easy things difficult."

[Warren Buffett talk to Columbia Business School in 1985]

About Making Money

"I enjoy the process far more than the proceeds, though I have learned to live with those, also."

(Forbes, October 22, 1990)

On Value Investing

Value Investing: "The fact that it's so simple makes people reluctant to teach it. If you've gone and gotten a Ph.D. and spent years learning how to do all kinds of tough things mathematically, to have to come back to this is - it's like studying for the priesthood and finding out that the Ten Commandments were all you needed."

(New York Times Magazine, L. J. Davis, April, 1990)