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5. “At the business school, I tell them that they would all be better off if when they got out of school somebody gave them a card with 20 punches on it and every time they made an investment decision, they used up a punch.”

Students from many different universities have been lucky to hear Buffett share his business advice with them over the years. This quote highlights the importance of thinking carefully about an investment before buying. Buffett thinks most investors would end up with better results if they could only make 20 investments in their life because it would force them to focus on the best opportunities and buy a lot when they arose.

6. “You don’t get paid for activity, you only get paid for being right.”

There are always people in the investment world who are throwing out new ideas or things that they think you should be doing in your portfolio. But having a lot of activity in your portfolio could generate fees and taxes that cost you as an investor. Activity isn’t your friend as an investor, it’s being right about the investments you make, regardless of how frequently they occur.

7. “The big question about how people behave is whether they’ve got an Inner Scorecard or an Outer Scorecard. It helps if you can be satisfied with an Inner Scorecard.”

This quote shows the importance of living your life on your own terms and not worrying too much about what other people think about you. It can also serve you well as an investor to think about your own financial goals and not get too wrapped up in worrying whether someone else is doing better than you.

Buffett says you should ask yourself if you’d rather be known as the world’s greatest investor, but in reality you have the world’s worst record? Or be known as the world’s worst investor, but actually have the best record?

8. “Only buy something that you’d be perfectly happy to hold if the market shut down for ten years.”

Buffett has long touted the benefits of being a long-term investor, but this quote also emphasizes the importance of focusing on the business you own, rather than how its stock price moves around each day.

Many investors seem to have more of a trading mentality when they buy a stock, selling it quickly for a small profit or abandoning it if the price falls by a certain amount. But a rational business owner would never take that approach to buying and selling an entire business. Always remember that when you’re buying a stock, you’re buying an ownership stake in a real business.

9. “It’s only when the tide goes out that you learn who’s been swimming naked.”

Buffett’s humorous quote comments on the nature of risk-taking. During bull markets, it may seem like everyone is making money without running major risks. But Buffett suggests that you only see the risks investors are taking once the economic tide subsides and exposes who’s been acting foolishly.

10. “Someone’s sitting in the shade today because someone planted a tree a long time ago.”

Here, Buffett compares sitting in the shade under a tree with the benefits of investing, as someone has spent the time and money to plant the tree years before. Those thinking about a more comfortable future, such as an enjoyable retirement, should heed this wisdom and consider planting a few seeds for that future. Of course, planting that seed earlier means that you or your loved ones have more time to enjoy it — and more shade to enjoy. The implication: get started investing today.

Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making an investment decision. In addition, investors are advised that past investment product performance is no guarantee of future price appreciation.

— Bankrate’s James Royal contributed to an update of this article.