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

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If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes. Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio's market value.
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The best thing that happens to us is when a great company gets into temporary trouble...We want to buy them when they're on the operating table.
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My favorite time frame for holding a stock is forever.
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The important thing is to keep playing, to play against weak opponents and to play for big stakes.
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A newspaper that reduces its coverage of the news important to its community is certain to reduce its readership as well
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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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You know, people talk about this being an uncertain time. You know, all time is uncertain. I mean, it was uncertain back in - in 2007, we just didn't know it was uncertain. It was - uncertain on September 10th, 2001. It was uncertain on October 18th, 1987, you just didn't know it.
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In a commodity business, it's very hard to be smarter than your dumbest competitor.
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My net worth is the market value of holdings less the tax payable upon sale. The liability is just as real as the asset unless the value of the asset declines (ouch), the asset is given away (no comment), or I die with it. The latter course of action would appear to at least border on a Pyrrhic victory.
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I knew a lot about what I did when I was 20. I had read a lot, and I aspired to learn everything I could about the subject.
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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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Be fearful when there is greed and be greedy when there is fear.
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