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Wide diversification is only required when investors do not understand what they are doing.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Investment
Wide
Intelligent
Diversification
Success
Buffets
Understand
Investors
Business
Required
Investing
Diversity

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You can be sure that over the next 10 years, you'll see something that you did not think was possible.
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Banking is very good business if you don't do anything dumb.
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A hyperactive stock market is the pickpocket of enterprise.
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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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When you listen to tax-cut rhetoric, remember that giving one class of taxpayer a break requires - now or down the line - that an equivalent burden be imposed on other parties. In other words, if I get a break, someone else pays. Government can't deliver a free lunch to the country as a whole. It can however, determine who pays for lunch.
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If you don’t feel comfortable making a rough estimate of the asset’s future earnings, just forget it and move on. No one has the ability to evaluate every investment possibility. But omniscience isn’t necessary you only need to understand the actions you undertake.
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I did not think I would see the day when, you know, an AIG would not be able to have its checks clear.
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We only want to link up with people whom we like, admire, and trust. ... We do not wish to join with managers who lack admirable qualities, no matter how attractive the prospects of their business. We've never succeeded in making a good deal with a bad person.
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The purpose of life is to be loved by as many people as possible among those you want to have love you
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It's easier to create money than to spend it.
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During inflation, Goodwill is the gift that keeps on giving.
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A low-cost index fund is the most sensible equity investment for the great majority of investors. My mentor, Ben Graham, took this position many years ago, and everything I have seen since convinces me of its truth.
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When bills come due, only cash is legal tender. Don't leave home without it.
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I have pledged - to you, the rating agencies and myself - to always run Berkshire with more than ample cash. We never want to count on the kindness of strangers in order to meet tomorrow's obligations. When forced to choose, I will not trade even a night's sleep for the chance of extra profits.
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A pack of lemmings looks like a group of rugged individualists compared with Wall Street when it gets a concept in its teeth.
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One of the ironies of the stock market is the emphasis on activity. Brokers, using terms such as 'marketability' and 'liquidity,' sing the praises of companies with high share turnover... but investors should understand that what is good for the croupier is not good for the customer. A hyperactive stock market is the pick pocket of enterprise.
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There's nothing inappropriate about having debt in America. It's what helped us grow over time. And it's when debt gets out of control that you worry.
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There is no question we have an access stock.
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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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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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