Quotes from Warren Buffett in the book the Snowball

Valuing is not the same as predicting (share price). 

In the short run, the market is a voting machine. In the long run, it's a weighing machine. Weight counts eventually. But votes count in the short term. And it's a very undemocratic way of voting. Unfortunately, they have no literacy tests in therms of voting qualifications, as you've all learned.  

What  you're doing when you invest is deferring consumption and laying money out now to get more money back at a later time. And there are really only two questions. One is how much you're going to get back, and the other is when. 

Quotes from Warren Buffet in the book The Snowball, Warren Buffett and the Business of Life