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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
Littles
Stress
Little
Management
Long
Usually
Achieve
Managements
Either
Stressing
Economic
Accounting
Business
Substance
Running
Appearance

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In the end we must have people to match our principles, not the reverse.
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I think what people understand there probably - well, they were hoping the private sector would do it [rescuing AIG ].
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Investment students need only two well-taught courses - How to Value a Business and How to Think About Market Prices
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Credit worthiness is like virginity, it can be preserved but not restored very easily, so it is crazy to play around with it.
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In my view, [the trade deficit] will create political turmoil at some point...Pretty soon, I think there will be a big adjustment.
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I have a wonderful family. I have a job that I love and wonderful people who help me with it. It can't get any better than that.
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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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For some reason, people take their cues from price action rather than from values. What doesn't work is when you start doing things that you don't understand or because they worked last week for somebody else. The dumbest reason in the world to buy a stock is because it's going up.
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The advice you never go broke taking a profit is foolish.
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If you look at the Forbes 400, they are paying a lower rate, accounting payroll taxes, than their secretary or - whomever around their office.
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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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An investor needs to do very few things right as long as he or she avoids big mistakes.
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Making money isn't the backbone of our guiding purpose it is the by-product of our guiding purpose.
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If you don't find a way to make money while you sleep, you will work until you die.
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We are trading away a little bit of our country all the time for this access consumption that we have over what we've produced. That is not good. I think it's terrible over time. But our country's productive grows enough so we actually can do that, and we'll still be better off. We just don't be as well off as if we hadn't done it.
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A CEO's behavior has a huge impact on managers down the line.
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Managers and investors alike must understand that accounting numbers are the beginning, not the end, of business valuation.
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This economy doesn't work well without the lubrication of credit and trust.
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Do what you love and work for whom you admire the most, and you've given yourself the best chance in life you can.
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Goldman Sachs saying they might be interested in such an investment. I'm familiar with the company. I've known the management, the current management, Jack Welch before Jeff Immelt. I've known him for decades.
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