An article in Yahoo Finance from earlier this year outlines a list of iconic quotes and lessons from billionaire investing legend Warren Buffett. Here are a few:

• Investing isn’t too complicated but know what you’re investing in—”You don’t have to be an expert on every company or even many,” he says, adding, “You only have to be able to evaluate companies within your circle of competence.”
• If you’re buying stocks, you shouldn’t want prices to keep rising—”Prospective purchasers,” says Buffett, “should much prefer sinking prices.”
• If you can’t afford it, don’t buy it. “I will guarantee you,” Buffett asserts, “if you run up big credit card debts, you will be in trouble probably for the rest of your life in terms of your financial situation.”
• Develop and build the habits you admire in others. A long-quoted Buffett adage is, “Chains of habit are too light to be felt until they are too heavy to be broken.”
• Active trading can destroy decent returns. “Active trading, attempts to ‘time’ market movements, inadequate diversification, the payment of high and unnecessary fees to managers and advisors, and the use of borrowed money can destroy the decent returns that a life-long owner of equities would otherwise enjoy.”
• You cannot go wrong investing in index funds. “Most investors, both institutional and individual, will find that the best way to own common stocks is through an index fund that charges minimal fees.”
• Ignore all market forecasting. “We’ve long felt that the only value of stock forecasters is to make fortune tellers look good.”