Opportunity is missed by most people because it is dressed in overalls and looks like work.

When you feel like bragging about a stock, it’s probably time to sell.

I don’t think it is terribly hard to spot a bubble. … I’ve been doing this now for 50 years, and I’ve lived through a few bubbles, and I’ve seen bubble behavior. Almost every bubble is characterized by people saying about a certain asset or a certain asset class, ‘There is no price too high.’

A pin lies in wait for every bubble.  And when the two eventually meet, a new wave of investors learns some very old lessons:  First, many on Wall Street will sell investors anything they will buy.  Second, speculation is most dangerous when it looks easiest.

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