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

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Naked
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More quotes by Warren Buffett

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The ideal business is one that earns very high returns on capital and that keeps using lots of capital at those high returns. That becomes a compounding machine.
Warren Buffett
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You can't produce a baby in one month by getting nine women pregnant.
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Cash combined with courage in a time of crisis is priceless.
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In the business world, the rearview mirror is always clearer than the windshield.
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Over the years, Charlie [Munger, Berkshire Hathaway Vice Chairman] and I have observed many accounting-based frauds of staggering size. Few of the perpetrators have been punished many have not even been censured. It has been far safer to steal large sums with pen than small sums with a gun.
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Either they're trying to con you or they're trying to con themselves.
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America should stand for more than just wealth.
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Do not take yearly results too seriously. Instead, focus on four or five-year averages.
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The greatest investment a young person can make is in their own education, in their own mind. Because money comes and goes. Relationships come and go. But what you learn once stays with you forever.
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AIG would be doing fine today. It was one of the ten largest companies in the United States in terms of market value, over 200 billion, the most respected insurer and everything in the world.
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Beware [of] the investment activity that produces applause the great moves are usually greeted by yawns.
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I knew a lot about what I did when I was 20. I had read a lot, and I aspired to learn everything I could about the subject.
Warren Buffett
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I mean, you can explain the fact that these are depressed prices, you know. We think these assets are going to be worth a lot more. And I think that case can be made in certain situations. But I think to just say, you know, we're going to say a dollar of cash is worth $2 all of a sudden, it isn't worth $2. It's worth a dollar today.
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If you have more than 120 or 130 I.Q. points, you can afford to give the rest away. You don't need extraordinary intelligence to succeed as an investor.
Warren Buffett
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Although we deal with probabilities and expectations, the actual results can deviate substantially from such expectations, particularly on a short-term basis.
Warren Buffett
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The dominant factors affecting control valuations are earning power (past and prospective) and asset values.
Warren Buffett
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If you gave me $100 billion and said take away the soft drink leadership of Coca-Cola in the world, I'd give it back to you and say it can't be done.
Warren Buffett
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There is no staff. I make all the investment decisions and I do all my own analysis.
Warren Buffett
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We have learned to turn out lots of goods and services, but we haven't learned as well how to have everybody share in the bounty. The obligation of a society as prosperous as ours is to figure out how nobody gets left too far behind.
Warren Buffett
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Would your reply possibly be this? Well, it all depends on what my tax rate will be on the gain you're saying we're going to make. If the taxes are too high, I would rather leave the money in my savings account, earning a quarter of 1 percent. Only in Grover Norquist's imagination does such a response exist.
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