The Golden Rule
"Rule No. 1 is never losing money. Rule No. 2 is never forget Rule No. 1."
"Widespread fear is your friend as an investor because it serves up bargain purchases."
"We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful."
"The best thing that happens to us is when a great company gets into temporary trouble...We want to buy them when they're on the operating table."
Dealing with Losing Investment
"The most important thing to do if you find yourself in a hole is to stop digging."
Warren Buffett on market crashes and recessions
"Only when the tide goes out to do you discover who's been swimming naked."
"The years ahead will occasionally deliver major market declines -- even panics -- that will affect virtually all stocks. No one can tell you when these traumas will occur."
"Predicting rain doesn't count, building the ark does."
"The best chance to deploy capital is when things are going down."
"It's been an ideal period for investors: A climate of fear is their best friend. Those who invest only when commentators are upbeat end up paying a heavy price for meaningless reassurance."
More about Warren Buffett
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Source: The Motley Fool