Warren Buffett Quotes About Risk Management

"Diversification is protection against ignorance. It makes little sense if you know what you are doing."

"I want to be able to make mistakes, to pay too much sometimes, and still do fine over time."

"We will always be prepared for the thousand-year flood. In fact, if it occurs we will be selling life jackets to the unprepared."

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

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

"Cash combined with courage in a crisis is priceless."

"I've seen more people fail because of liquor and leverage — leverage being borrowed money — than any other reason."

"Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No. 1."

"Risk comes from not knowing what you're doing."