Warren Buffett quotes are popular with stock market investors because they are folksy but insightful. After all, Warren Buffett isn’t just some slouch from Omaha – he’s one of the most successful value investors alive. That means when Buffett talks, investors listen.

Over the years Warren Buffett’s quotes have been used to shine some light on the particular headlines of the day. But here are 10 of Buffett’s most famous quotes that are good advice for any market.

Buffett Quote #1: Not Every Investment Can Be a Home Run

I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.

Buffett Quote #2: Weighted Portfolios Can Be Good – and Profitable

Wide diversification is only required when investors do not understand what they are doing.

Buffett Quote #3: Never Pay Retail

Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.

Buffett Quote #4: Invest in Companies, Not Their CEOs

I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.

Buffett Quote #5: Remember that Past Performance Means Nothing

If past history was all there was to the game, the richest people would be librarians.

Buffett Quote #6: Don’t Over Think It

The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.

Buffett Quote #7: There Is No Magic Chart or Statistic for Investing

Beware of geeks bearing formulas.

Buffett Quote #8: Know When to Cut Your Losses

Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.

Buffett Quote #9: Know Your Strengths – And Weaknesses

I happen to have a talent for allocating capital. But my ability to use that talent is completely dependent on the society I was born into. If I’d been born into a tribe of hunters, this talent of mine would be pretty worthless.

Buffett Quote #10: Challenges Can Expose the Truth

Only when the tide goes out do you discover who’s been swimming naked.