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

More quotes by Warren Buffett

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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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If you want to soar like an eagle in life, you can't be flocking with the turkeys.
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An ounce of prevention is worth a pound of cure understated.
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We have embraced the 21st century by entering such cutting-edge industries as brick, carpet, insulation and paint. Try to control your excitement.
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Failure comes from ego, greed, envy, fear, imitation. I have success not because I am smart, but because I am rational.
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I can't promise results, but I can promise a common destiny.
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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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Paradoxically, when 'dumb' money acknowledges its limitations, it ceases to be dumb.
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A CEO's behavior has a huge impact on managers down the line.
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I mean there is no capital requirements to it or anything of the sort. And basically, I said there were possibly financial weapons of mass destruction, and they had them. They destroyed AIG. They certainly contributed to the destruction of Bear Sterns and Lehman. Although Lehman had other problems, too.
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We intend to continue our practice of working only with people whom we like and admire. This policy not only maximizes our chances for good results, it also ensures us an extraordinarily good time.
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Gold is a way of going long on fear, and it has been a pretty good way of going long on fear from time to time. But you really have to hope people become more afraid in a year or two years than they are now. And if they become more afraid you make money, if they become less afraid you lose money, but the gold itself doesn’t produce anything.
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Do what you would do for free, having passion for what you do is the most important thing.
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It's almost impossible to overpay the truly extraordinary CEO... but the species is rare.
Warren Buffett
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The most dangerous distractions are the ones you love, but that don’t love you back.
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I happen to have a talent for allocating capital. But my ability to use that talent is completely dependent on the society I was born into. If I'd been born into a tribe of hunters, this talent of mine would be pretty worthless. I can't run very fast. I'm not particularly strong. I'd probably end up as some wild animal's dinner.
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We've actually been pretty good on exports. I mean we are exporting 12% of our GDP now roughly.
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Always associate yourself with people who are better than you.
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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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Good profits simply are not inconsistent with good behavior.
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