You don’t make money when you buy stocks. And you don’t make money when you sell stocks. You make money by waiting. （Mohnish Pabrai）

Mistakes are the best teachers. One does not learn from success. It is desirable to learn vicariously from other people's failures, but it gets much more firmly seared in when they are your own.(Mohnish Pabrai)

Wall Street sometimes gets confused between risk and uncertainty, and you can profit handsomely from that confusion. The low-risk, high-uncertainty [situation] gives us our most sought after coin-toss odds. Heads, I win; tails, I don't lose much.(Mohnish Pabrai)