1. "The market is there only as a reference point to see if anybody is offering to do anything foolish. When we invest in stocks, we invest in businesses." - Warren Buffett

Investors should focus on the business, not the stock price. Over the long term, the business is what matters.

2. "First come the innovators, who see opportunities that others don't. Then come the imitators, who copy what the innovators have done. Then come the idiots, whose avarice undoes the very innovations they are trying to use to get rich. -Warren Buffett (paraphrase)

It's a fun way to think through business cycles. Imitators and idiots can dominate for certain periods, but it's best to focus on the innovators.

*This quote is included in Volume 2 also.

3a. "Pretend that every stock is priced at $100 per share. Now, what do you want to own?" - Warren Buffett (maybe)

The quality of the business is more important than the share price. Pretend every stock is priced the same and spend the majority of your time determining the quality of the business.

3b. "I'd be a lot richer today if I started investing earlier." - Warren Buffett (Probably not Buffett, but often said about him)

Buffett began investing when he was 11. At the time of this podcast (6/8/16), his net worth was $50 billion. If he started one year earlier (age 10), he would be $5 billion richer, assuming a 10% annual return. This one is a fun illustration to show the power of compounding. We should encourage others to invest as soon as possible.

4. "If I had never sold a stock, I'd be much wealthier." - Warren Buffett (maybe)

Sell decisions are typically based on short-term factors. If you're buying great businesses, they usually outperform over the long term. It only takes one big winner to wipe away all of your losers.

5. "I am a better investor because I am a businessman, and I am a better businessman because I am an investor." -Warren Buffett

Allow your personal/business expertise to help you as an investor and allow the wisdom you gain from investing to improve other aspects of your life.

References: Great Quotes, Vol. 3: Lessons from Buffett