PATIENCE

Price is what you pay. Value is what you get.

Someone is sitting in the shade today because someone planted a tree a long time ago.

It's not supposed to be easy. Anyone who finds it easy is stupid.

The real key to making money in stocks is not to get scared out of them.

The single greatest edge an investor can have is a long-term orientation in a market dominated by short-term thinking.

Successful investing requires patience, discipline, and a tolerance for uncertainty. It also helps to have a sense of humor.

If you can hold on during the bad years — and there will be bad years — the Magic Formula works. If you can't, you will sell at the bottom and miss everything.

Markets can stay irrational longer than you can stay solvent. But eventually, earnings drive stock prices. Always.

I have never wavered on the innovation theme. The question is timing. And we believe timing is irrelevant over a five-year horizon.

I went broke trying to get rich quick. The way to get rich is boring: spend less than you make, stay out of debt, invest consistently for 30 years.

Time is your friend; impulse is your enemy. Stay the course.

The market always recovers. Always. If it doesn't, no investment strategy will save you anyway — because civilization has ended.

Time in the market beats timing the market. I know everyone says it. Everyone says it because it keeps being true.

Compound interest is the most powerful force in personal finance. It is also the easiest to understand and the hardest to actually be patient enough to use.

I bought Tesla when everyone thought it was going bankrupt. I held through every dip. That is the only way you catch a 10x.

Most people overestimate what they can do in a week and underestimate what they can do in a decade.

I think about businesses the way a farmer thinks about land — something you acquire, improve, and hold for generations.

Patience isn't passive. It's the active decision to wait for the right opportunity instead of settling for a mediocre one.

The big money is not in the buying and selling but in the waiting.

The best investing is dull, boring, and almost mechanical.

The stock market is a device for transferring money from the impatient to the patient.

Most people overestimate what they can do in one year and underestimate what they can do in ten.

The best investors I know read more than they trade. Most people have it backwards.

Patience isn't passive. It's the active decision to do nothing when doing something would be a mistake.

Value investing isn't dead. People just got impatient.

Cash is a position. When everything is expensive, doing nothing is the smartest move.

The best investment strategy is the one you can actually stick with for 20 years.

Compound interest is the most powerful force in finance, but only if you give it enough time.

Gradatim Ferociter. Step by step, ferociously. Slow is smooth, and smooth is fast.

We started OpenSea in 2017 and nobody cared about NFTs for three years. Then one day in 2021, everyone cared at the same time. Being early is indistinguishable from being wrong — until suddenly it isn't.