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If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Hours
Half
Stills
Still
Patsy
Poker
Buffets
Hour
Playing

More quotes by Warren Buffett

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Charlie [Munger] and I are not big fans of resumes. Instead, we focus on brains, passion and integrity.
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I have worked with investors for 60 years and I have yet to see anyone - not even when capital gains rates were 39.9 percent in 1976-77 - shy away from a sensible investment because of the tax rate on the potential gain.
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Whatever you like to do, make it a hobby and whatever the world likes to do, make it a business.
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Never be afraid to ask for too much when selling or offer too little when buying.
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Investment must be rational if you can't understand it, don't do it.
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I was lucky to have the right heroes. Tell me who your heroes are and I'll tell you how you'll turn out to be. The qualities of the one you admire are the traits that you, with a little practice, can make your own, and that, if practiced, will become habit forming.
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Look for 3 things in a person. Intelligence, Energy, & Integrity. If they don't have the last one, don't even bother with the first two.
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It irritates the hell out of me but you can't buy love.
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Traditional wisdom is long on tradition and short on wisdom.
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If AIG had tried to unwind their derivatives books. I don't know. It would have hit every institution in the world.
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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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You ought to be able to explain why you’re taking the job you’re taking, why you’re making the investment you’re making, or whatever it may be. And if it can’t stand applying pencil to paper, you’d better think it through some more. And if you can’t write an intelligent answer to those questions, don’t do it.
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You don't need to have extraordinary effort to achieve extraordinary results. You just need to do the ordinary, everyday things exceptionally well.
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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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If you can eliminate the government as a 39.6% partner, then you will be much better off.
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Success in investing doesn’t correlate with I.Q. Once you are above the level of 25 once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing.
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Success is having people love you that you want to have love you.
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Too often, a vast collection of possessions ends up possessing its owner.
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Diversification is protection against ignorance. It makes little sense if you know what you are doing.
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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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