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In the long run managements stressing accounting appearance over economic substance usually achieve little of either.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Economic
Accounting
Business
Substance
Running
Appearance
Littles
Stress
Little
Management
Long
Usually
Achieve
Managements
Either
Stressing

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We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.
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We've got all the ingredients for a sensational future.
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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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The critical investment factor is determining the intrinsic value of a business and paying a fair or bargain price.
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I'm just lucky to have been in the right place at the right time. Another place, another time, I wouldn't have been as successful. Society enabled me to make my money and my money should go to society.
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Success is having people love you that you want to have love you.
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A very rich person should leave his kids enough to do anything, but not enough to do nothing.
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Mr. Market is kind of a drunken psycho. Some days he gets very enthused, some days he gets very depressed. And when he get really enthused you sell to him, and if he gets depressed, you buy from him. There's no moral taint attached to that.
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House prices just soared beyond - beyond reason in many places and they got financed in silly ways, and people lied about loans, all kinds of accesses entered into it. But that is what - that is the single biggest cause of why we're here.
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The much-maligned idle rich have received a bad rap: They have maintained their wealth while many There is scarcely an instance of a man who has made a fortune by speculation and kept it. Andrew Carnegie of the energetic rich, aggressive real estate operators, corporate acquirers, oil drillers, etc. have their fortunes disappear.
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If anything, taxes for the lower and middle class and maybe even the upper-middle class should even probably be cut further. But I think that people at the high end - people like myself - should be paying a lot more in taxes. We have it better than we've ever had it.
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Do not save what is left after spending, but spend what is left after saving.
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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.
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Bad terminology is the enemy of good thinking.
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I learned to go into business only with people whom I like, trust, and admire.
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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.
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Our policy is to concentrate holdings. We try to avoid buying a little of this or that when we are only lukewarm about the business or its price. When we are convinced as to attractiveness, we believe in buying worthwhile amounts.
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You should be unconcerned about short-term price action when you own the securities directly, just as you were unconcerned when you owned them indirectly through BPL. I think about them as businesses, not stocks, and if the business does all right over the long term, so will the stock.
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You can't produce a baby in one month by getting nine women pregnant.
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Investment philosophy is the clear understanding that by owning shares of stocks he owns businesses, not pieces of paper.
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