Above all, master the basics:

"To invest successfully, you need not understand beta, efficient markets, modern portfolio theory, option pricing or emerging markets. You may, in fact, be better off knowing nothing of these. That, of course, is not the prevailing view at most business schools, whose finance curriculum tends to be dominated by such subjects. In our view, though, investment students need only two well-taught courses - How to Value a Business, and How to Think About Market Prices."

Source: Chairman's Letter, 1996

Stocks have always come out of crises.

"Over the long term, the stock market news will be good. In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497."

Source: The New York Times, October 16, 2008

Always be liquid.

"I have pledged – to you, the rating agencies and myself – to always run Berkshire with more than ample cash. We never want to count on the kindness of strangers in order to meet tomorrow’s obligations. When forced to choose, I will not trade even a night’s sleep for the chance of extra profits."

 Source: Letter to shareholders, 2008

Think long-term.

"Your goal as an investor should simply be to purchase, at a rational price, a part interest in an easily-understandable business whose earnings are virtually certain to be materially higher five, ten and twenty years from now. Over time, you will find only a few companies that meet these standards - so when you see one that qualifies, you should buy a meaningful amount of stock. You must also resist the temptation to stray from your guidelines: If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes. Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio's market value."

Source: Chairman's Letter, 1996

Some awesome quotes by Warren Buffet. Thanks great sharing. Many more are there but these two I always keep them in mind and try to follow them.Warren Buffet says that his experience taught him some of the basic lessons of investing: 1. "patience is a virtue"2. "Rule No. 1: never lose money; rule No. 2: don't forget rule No. 1"

Thanks Bill! Those are both very wise quotes, too.

In general, Warren Buffett is very conservative, which is great compared with many high-risk strategies we see these days.

I always wonder whether I'd be good at stocks because I enjoy managing the growth of numbers/stats.  At least, in (sports) video games.  NHL 95 ftw! hah.

Ha! Stocks is one of those things where knowing more might hurt you.

The people who seem to do the best are the ones who buy index funds.