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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
Cost
Brand
Business
Brands
Smoking
Addictive
Tell
Loyalty
Penny
Make
Sell
Pennies
Like
Sells
Tobacco
Fantastic
Cigarette
Dollars
Dollar

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In some corner of the world they are probably still holding regular meetings of the Flat Earth Society. We derive no comfort because important people, vocal people, or great numbers of people agree with us. Nor do we derive comfort if they don't.
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The true investor welcomes volatility ... a wildly fluctuating market means that irrationally low prices will periodically be attached to solid businesses.
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You don't want 300 million Americans putting their money under the mattress.
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The managers at fault periodically report on the lesson they have learned from the latest disappointment. They then usually seek out future lessons.
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We always live in an uncertain world. What is certain is that the United States will go forward over time.
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It's better to hang out with people better than you. Pick out associates whose behavior is better than yours and you'll drift in that direction.
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I don't try and guess when to get in and out of the market. I have owned stocks consistently since 1942. I owned the - I was buying stocks the day before the election. I was buying the same stocks the day after election. And if Hillary had been elected, it would have been the same thing.
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If you don't know jewelry, know the jeweler.
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I don't need 15 houses. Owning real estate doesn't mean much to me. I don't like to think about things like that. I don't need 12 boats, or even the world's largest boat with a crew of 80. I'd have to take care of them, to worry about them. I get a lot more fun out of life without all the bells and whistles.
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Learning how to live is much more important than learning how to make a living.
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We can afford to lose money - even a lot of money. But we can't afford to lose reputation - even a shred of reputation.
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Shares are not mere pieces of paper. They represent part ownership of a business. So, when contemplating an investment, think like a prospective owner.
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Wall Street makes its money on activity. You make your money on inactivity.
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Everybody's got a different circle of competence. The important thing is not how big the circle is. The important thing is staying inside the circle.
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They say the chains of habit are too light to be felt until they are too heavy to be broken. The chains you put around yourself now have enormous consequences as you go through life.
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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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You shouldn't own common stocks if a 50 per cent decrease in their value in a short period of time would cause you acute distress.
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The only way to be loved is to be loveable, which really irritates me.
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