Be fearful when others are greedy and greedy when others are fearful.
The intelligent investor is a realist who sells to optimists and buys from pessimists.
Markets are constantly in a state of uncertainty and flux. Money is made by discounting the obvious and betting on the unexpected.
The worse a situation becomes, the less it takes to turn it around.
My natural state is an outsider. I've always been an outsider.
The best opportunities arise when the market gets a fact wrong.
Being too far ahead of your time is indistinguishable from being wrong.
The market has a tendency to go to extremes in both directions. Your job is to profit from that tendency, not participate in it.
The most contrarian thing you can do in venture is invest in something that sounds crazy. If it sounds reasonable, someone else already did it.
I got fired from Facebook after two weeks for telling them their user metrics were misleading. They went on to become one of the most valuable companies in the world. I went on to bet on Bitcoin.
The best time to buy a stock is when everyone is panicking about it and the financials say they're wrong.
The best time to buy is when there's blood in the streets, including your own.
Every great investment I ever made seemed crazy at the time I made it.
Twitter was this weird little thing that nobody at Google took seriously. I couldn't stop buying it.
Every billion-dollar company looked like a terrible idea at the beginning. That's the point.
Question everything the consensus tells you about money. Especially the people printing it.
American investors ignore international markets. That's where some of the best opportunities are hiding.
The best opportunities are in markets that American investors don't bother looking at.
Every other corporate card wants you to spend more. We want you to spend less. That's either the dumbest business model ever or the smartest.