The big money is not in the buying and selling, but in the waiting. If you have the temperament, you can make a lot of money by sitting on your ass.

The great investors buy when others are fearful, and sell when others are greedy. But the converse is also true—they tend to avoid buying when others are greedy, even if the business is good. Temperament matters more than IQ.

The big money is not in the buying and selling, but in the waiting. Lethargy bordering on sloth should remain the cornerstone of an investment style.