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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
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Stressing
Economic
Accounting
Business
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Managements

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People always ask me where they should go to work, and I always tell them to go to work for whom they admire the most.
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Mr. Market is your servant, not your guide.
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I've made money over the years by buying into good companies, run by good people, at attractive prices. And I don't try and make it out of buying into the market at one point and selling at another point.
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It is impossible to unsign a contract, so do all your thinking before you sign.
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I think that trying to invest through 535 people is a tough job, you know, and so I would give more latitude.
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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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We try to buy businesses with good-to-superb underlying economics run by honest and able people and buy them at sensible prices. That's all I'm trying to do.
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Would your reply possibly be this? Well, it all depends on what my tax rate will be on the gain you're saying we're going to make. If the taxes are too high, I would rather leave the money in my savings account, earning a quarter of 1 percent. Only in Grover Norquist's imagination does such a response exist.
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Emotional makeup is more important than technical skill
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It's never paid to bet against America. We come through things, but its not always a smooth ride.
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We look for things I can understand. A lot of businesses I don't understand.
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If you're extremely rich, and you have got children, my theory was, you give them enough so they can do anything, but not enough so they can do nothing.
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The typical large company has a compensation committee, They don't look for Dobermans on that committee, they look for chihuahuas.
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We are in effect making a - to some extent, making a choice between future inflation and getting our - getting off the floor. And we're likely - we're likely to have more inflation in the future as a consequence of the things we do to fight the present situation.
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You should look at stocks as small pieces of business.
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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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I look for businesses in which I think I can predict what they're going to look like in ten to fifteen years time. Take Wrigley's chewing gum. I don't think the internet is going to change how people chew gum.
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If you own a wonderful business...the best thing to do is keep it. All you're going to do is trade your wonderful business for a whole bunch of cash, which isn't as good as the business, and you got the problem of investing in other businesses, and you probably paid a tax in between. So my advice to anybody who owns a wonderful business is keep it.
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I would say it's more important who the treasury secretary is than who the vice president is. If you want to have a debate here, I'd like a debate between potential treasury secretaries than the vice presidential debate.
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