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It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Wonderful
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Investors
War
Investing
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Business
Investment
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Buffets

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Trust is like the air we breathe--when it's present, nobody really notices when it's absent, everybody notices.
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I’ve worked in an economy that rewards someone who saves the lives of others on a battlefield with a medal, rewards a great teacher with thank-you notes from parents, but rewards those who can detect the mispricing of securities with sums reaching into the billions.
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I certainly have no desire to sell a good controlled business run by people I like and admire, merely to obtain a fancy price. However, specific conditions may cause the sale of one operating unit at some point.
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People who watch their weight, golf scores, and fuel bills seem to shun quantitative evaluation of their investment management skills although it involves the most important client in the world-themselves.
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Focus on your customers and lead your people as though their lives depend on your success.
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Buy companies with strong histories of profitability and with a dominant business franchise.
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They say the chains of habit are too light to be felt until they are too heavy to be broken. The chains you put around yourself now have enormous consequences as you go through life.
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The true investor welcomes volatility ... a wildly fluctuating market means that irrationally low prices will periodically be attached to solid businesses.
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So smile when you read a headline that says Investors lose as market falls. Edit it in your mind to Disinvestors lose as market falls-but investors gain. Though writers often forget this truism, there is a buyer for every seller and what hurts one necessarily helps the other. (As they say in golf matches: Every putt makes someone happy.
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First, many in Wall Street - a community in which quality control is not prized - will sell investors anything they will buy.
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What could be more advantageous in an intellectual contest - whether it be chess, bridge, or stock selection - than to have opponents who have been taught that thinking is a waste of energy?
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Investing is the greatest business in the world because you never have to swing. You stand at the plate the pitcher throws you General Motors at 47! U.S. Steel at 39! And nobody calls a strike on you. There's no penalty except opportunity. All day you wait for the pitch you like then, when the fielders are asleep, you step up and hit it.
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A pin lies in wait for every bubble. And when the two eventually meet, a new wave of investors learns some very old lessons: First, many in Wall Street (a community in which quality control is not prized) will sell investors anything they will buy. Second, speculation is most dangerous when it looks easiest.
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A single year's performance is of minor importance and, good or bad, should never be taken seriously.
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When a management with reputation for brilliance gets hooked up with a business with a reputation for bad economics, it's the reputation of the business that remains intact.
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By periodically investing in an index fund, the know-nothing investors can actually outperform most investment professionals.
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I am a better investor because I am a businessman, and a better businessman because I am no investor.
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You need a lot of curiosity for a long, long time.
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A lot of great fortunes in the world have been made by owning a single wonderful business. If you understand the business, you don't need to own very many of them.
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Investing in a market where people believe in efficiency is like playing bridge with someone who has been told it doesn't do any good to look at the cards.
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