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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.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Energy
Vessel
Business
Profitable
Find
Productivity
Patching
Devoted
Chronically
Productive
Leaking
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Vessels
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Buffets
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If you get to my age in life and nobody thinks well of you, I don't care how big your bank account is, your life is a disaster.
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In our view, derivatives are financial weapons of mass destruction carrying dangers that, while latent, are potentially lethal.
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Risk can be greatly reduced by concentrating on only a few holdings.
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Take the probability of loss times the amount of possible loss from the probability of gain times the amount of possible gain. That is what we're trying to do. It's imperfect, but that's what it's all about.
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I do not like debt and do not like to invest in companies that have too much debt, particularly long-term debt. With long-term debt, increases in interest rates can drastically affect company profits and make future cash flows less predictable.
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It's very important that the determination of the US Congress to do what is is needed be made evident this week and by the actions of most of the members. I mean, you're not going to get total assent.
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I've argued with the senators and congressmen I've talked to. You don't want to be too little too late. If you buy them at the right price, you may be buying two trillion of face value.
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If I got any good ideas out of that or I think they're good ideas, I'll be glad to contribute them but the system will probably overdo some other things.
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If you look at the Forbes 400, they are paying a lower rate, accounting payroll taxes, than their secretary or - whomever around their office.
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Every company that has an economist working for him has one employee too many.
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When you build a bridge, you insist that it can carry 30,000 pounds, but you only drive 10,000-pound trucks across it. And that same principle works in investing.
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Does the business have favourable long term prospects?
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When we really sit back with a smile on our face is when we run into a situation we can understand, where the facts are ascertainable and clear, and the course of action obvious.
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Money will always flow toward opportunity, and there is an abundance of that in America.
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Banking is very good business if you don't do anything dumb.
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What you really want to do in investments is figure out what's important and knowable. If it's unimportant or unknowable you forget about it.
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If past history was all there was to the game, the richest people would be librarians.
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I have a wonderful family. I have a job that I love and wonderful people who help me with it. It can't get any better than that.
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A bull market is like sex. It feels best just before it ends.
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The .350 hitter expects, and also deserves, a big payoff for his performance - even if he plays for a cellar-dwelling team. And a .150 hitter should get no reward - even if he plays for a pennant winner.
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