Warren Buffett
"In my early days as a manager, I, too dated a few toads. They were cheap dates - I've never been much of a sport - but my results matched those of acquirers who courted higher-priced toads. I kissed and they croaked." [On acquiring bad companies for cheap prices]

Warren Buffett
"For some reason, people take their cues from price action rather than from values. What doesn't work is when you start doing things that you don't understand or because they worked last week for somebody else. The dumbest reason in the world to buy a stock is because it's going up."

Warren Buffett
"After several failures, I finally remembered some advice I once got from a golf pro: Practice doesn't make perfect; practice makes permanent. Therefore I revised my strategy and tried to buy good businesses at fair prices rather than fair businesses at good prices."