The Compounder
You want one great business at a fair price and then you want to do nothing for a very long time. Most of your edge comes from refusing to act, and from understanding that the compounding is in the holding, not the trading.
If you would not be happy owning the whole company for ten years, do not buy ten shares of it.
A wonderful business at a fair price beats a fair business at a wonderful price. Then let time do the work.
Berkshire Hathaway shareholder letter, 1989 — "Mistakes of the First Twenty-five Years"
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