— “In the 54 years (Charlie Munger and I) have worked together, we have never forgone an attractive purchase because of the macro or political environment, or the views of other people. In fact, these subjects never come up when we make decisions.”

— “It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”
Fair meaning mediocre
— “Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be a more productive than energy devoted to patching leaks.” — don’t keep buying at lower prices if the business (not stock) is not performing as you expected. Leaks probably means annual losses.
— “Success in investing doesn’t correlate with IQ … what you need is the temperament to control the urges that get other people into trouble in investing.” — impulses, infatuations, fears
— “You don’t need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ.”
— “If returns are going to be 7 or 8 percent and you’re paying 1 percent for fees, that makes an enormous difference in how much money you’re going to have in retirement.”
— “The difference between successful people and really successful people is that really successful people say no to almost everything.”
— “For the investor, a too-high purchase price for the stock of an excellent company can undo the effects of a subsequent decade of favorable business developments.” — market timing?
==== don’t focus on a fellow investor’s trec in good times
— “Only when the tide goes out do you discover who’s been swimming naked.”
When the market goes up and up, everyone looks like an investing genius. It’s only when things go sour that you see who actually has a good long-term strategy.
==== beware of infatuation with new technology
— “The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.” — Buffett is not keen on innovative technology, but destructive innovation can hurt a cash-cow’s durability-of-advantage
— “In the business world, the rearview mirror is always clearer than the windshield.”
Focus less on prognosis. Historical data is always more accurate than future projections
— “Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well.”
I think in the short term, you can, simply because of first-mover advantage, momentum and other investors’ herd mentality.

==== on buy-n-hold
— “If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes.”
— “When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.”
Note when the “outstanding” becomes mediocre, then holding period may need adjustment.
— “Buy into a company because you want to own it, not because you want the stock to go up.”
— “Buy a stock the way you would buy a house. Understand and like it such that you’d be content to own it in the absence of any market.”
I think “market” means liquidity or opportunity to sell for a profit, similar to :

“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.”