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I'll tell you why I like the cigarette business. It cost a penny to make. Sell it for a dollar. It's addictive. And there's a fantastic brand loyalty.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Tell
Smoking
Addictive
Make
Loyalty
Penny
Like
Sell
Pennies
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Tobacco
Fantastic
Cigarette
Dollars
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More quotes by Warren Buffett

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I have never been able to understand why the tax comes as such a body blow to many people since the rate on long-term capital gain is lower than on most likes of endeavor (tax policy indicated digging ditches is regarded as socially less desirable than shuffling stock certificates).
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It is easier to rationalize than it is to be rational.
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I look at everything. That's my job. I really do, every day. I think about everything.
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I mean, in terms of alternatives, some people have suggested for example that why don't we - why isn't America doing what Berkshire Hathaway is doing? Why isn't that a better deal for America?
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An investor should ordinarily hold a small piece of an outstanding business with the same tenacity that an owner would exhibit if he owned all of that business.
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All but a few of the organizations do not specifically promise to deliver superior investment performance although it is perhaps not unreasonable for the public to draw such an inference from their advertised emphasis on professional management.
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It’s not that I want money. It’s the fun of making money and watching it grow.
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Personally, I really hope I can treat everyone equally. I think I have done a pretty good job so far but I know I can do it better.
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Nevertheless, as circumstances presently appear, I feel substantially greater size is more likely to harm future results than to help them. This might not be true for my own personal results, but it is likely to be true for your results.
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Asking for financial advice from a financial planner is like asking a barber if you need a hair cut.
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We believe that according the name 'investors' to institutions that trade actively is like calling someone who repeatedly engages in one-night stands a 'romantic.'
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You have to be able to communicate in life and probably schools underemphasize that. If you can't talk to people or write, you're giving up your potential.
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Occasionally, a man must rise above principles.
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Outstanding long-term results are produced primarily by avoiding dumb decisions, rather than by making brilliant ones.
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When you build a bridge, you insist that it can carry 30,000 pounds, but you only drive 10,000-pound trucks across it. And that same principle works in investing.
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Would you rather be the world's greatest lover, but have everyone think you're the world's worst lover? Or would you rather be the world's worst lover but have everyone think you're the world's greatest lover? Now, that's an interesting question.
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Money is not everything. Make sure you earn a lot before speaking such nonsense.
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If you were at Lehman, the same thing happened. If you were at AIG, the shareholders are getting creamed on these things. And those shareholders are not just a bunch of big shots in Wall Street. Those are pension funds, and those are investors all over the country. I wouldn't worry too much about that. Justice won't be perfect on it.
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Investment ideas, like women are often more exciting than punctual.
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The value of a business is the cash it's going to produce in the future.
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