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

2.“It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”

Buffett is a value investor who likes to buy quality stocks at rock-bottom prices.

“The most common mistake people do is they attempt to seize any wave of rising prices for rapid returns,” Buffett says, adding that they have short-sightedness strategies. “Invest with a multi-decade horizon rather than seeking quick earnings,” he says.

3."Our favorite holding period is forever."

Buffett says if you don't feel comfortable owning a stock for 10 years, you shouldn't own it for 10 minutes.

4. Know the difference between price and value

“Price is what you pay. Value is what you get.” – Warren Buffett

There can be periods of time in the market where stock prices have no correlation with the longer-term outlook for a company.

Many firms continued to strengthen their competitive advantages during the downturn and emerged from the crisis with even brighter futures.

5. Invest in yourself

“By far the best investment you can make is in yourself,” Buffett told Yahoo Finance editor-in-chief Andy Serwer earlier this year.

In a Facebook video posted in 2018, he said “learn to communicate better both in writing and in person.” Honing that skill can increase your value by at least 50%.

"Anything you do to improve your own talents and make yourself more valuable will get paid off in terms of appropriate real purchasing power.”