Warren Buffett's 25 best quotes about business, investing, and life

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Need some advice? Legendary investor and CEO of Berkshire Hathaway (BRK-A, BRK-B) Warren Buffett has plenty to share. Through his letters, essays, op-eds and TV appearances, Buffett dispenses folksy, funny, plainspoken advice on investing, management, life, happiness, and everything in between.

On Saturday May 1, Buffett and his longtime business partner Charlie Munger will share more of their wisdom at the 2021 Berkshire Hathaway Annual Shareholder Meeting. Like last year, shareholders will not attend the event in person because of the COVID-19 pandemic, but investors from all over the world can watch the event stream live exclusively on Yahoo Finance.

The editors at Yahoo Finance dug up some of Buffett's best quips, tips, and adages from meeting transcripts, shareholder letters, and interviews.

1. Trust in American ingenuity.

"American magic has always prevailed, and it will do so again."

Shareholder meeting, 2020

2. Don't be a fearmonger.

"Fear is the most contagious disease you can imagine. It makes the virus look like a piker." (A piker is one who gambles with small amounts of money.)

Shareholder meeting, 2020

3. Learn the language.

"You've got to understand accounting. You've got to. That's got to be like a language to you,"

Interview with Yahoo Finance's editor-in-chief, Andy Serwer, 2020

[See also: Why Berkshire Hathaway's health care project Maven failed]

4. Go long.

"[Our] favorite holding period is forever. We are just the opposite of those who hurry to sell and book profits when companies perform well but who tenaciously hang on to businesses that disappoint. [American investor] Peter Lynch aptly likens such behavior to cutting the flowers and watering the weeds."

Letter to shareholders for the year 1988

5. Invest in companies you believe in.

“It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”

Letter to shareholders for the year 1989

6. Price and value aren’t always the same: Don’t pay too much.

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

Letter to shareholders for the year 2008

7. Reputation is everything.

"Lose money for the firm, and I will be understanding; lose a shred of reputation for the firm, and I will be ruthless."

Buffett's Congressional testimony in 1991 regarding Salomon Brothers

8. Be skeptical. If something looks too good to be true ...

“A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful.”

 The New York Times, Oct. 16, 2008