'The most important quality for an investor is temperament, not intellect... You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.'

'If a business does well, the stock eventually follows.'

'The future is never clear, and you pay a very high price in the stock market for a cheery consensus. Uncertainty is the friend of the buyer of long-term value…

'In the insurance business, there is no statute of limitation on stupidity.'