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

More quotes by Warren Buffett

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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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I've never been very fully employed either.
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On his Giving Pledge philanthropy: The way I got the message out was to get a copy of FORBES, look down that 400 list and start making phone calls! Bill and Melinda [Gates] did the same thing. So keep publishing the list so I can milk it.
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Why not invest your assets in the companies you really like? As Mae West said, 'Too much of a good thing can be wonderful'.
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Lethargy bordering on sloth remains the cornerstone of our investment style. The exception was Wells Fargo, a superbly-managed, high-return banking operation in which we increased our ownership to just under 10%, the most we can own without the approval of the Federal Reserve Board.
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Risk comes from not knowing what you are doing so wide diversification is only required when investors are ignorant. You only have to do a very few things in your life so long as you don't do too many things wrong.
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We have long felt that the only value of stock forecasters is to make fortune-tellers look good.
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Games are won by players who focus on the playing field -- not by those whose eyes are glued to the scoreboard.
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I like to go for cinches. I like to shoot fish in a barrel. But I like to do it after the water has run out.
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It's never paid to bet against America.
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The smartest side to take in a bidding war is the losing side.
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Asset values and earning power are the dominant factors affecting the valuation of a controlling interest in a business. Market price, which governs valuation of minority interest positions, is of little or no importance in valuing a controlling interest.
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it's a good idea to review past mistakes before committing new ones.
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Uncertainty is the friend of the buyer of long term values.
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Writing checks to the IRS that include strings of zeros does not bother me ... Overall, we feel extraordinarily lucky to have been dealt a hand in life that enables us to write large checks to the government rather than one requiring the government to regularly write checks to us-say, because we are disabled or unemployed.
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We really can say no in 10 seconds or so to 90%+ of all the things that come along simply because we have these filters.
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It irritates the hell out of me but you can't buy love.
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Our marketable equities tell us by their operating results - not by their daily, or even yearly, price quotations - whether our investments are successful. The market may ignore business success for a while, but eventually will confirm it.
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Investors have to remember: corporate profits are going up, but stocks are going up faster. How can that continue indefinitely? Investors can only earn what companies themselves can earn the government or the markets themselves don't kick anything in. How can you get anything more out of a farm than what it grows?
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I have three boxes on my desk: In, Out, and Too Hard.
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