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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
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Cost
Brand
Business
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Smoking
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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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We continue to make more money when snoring than when active.
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Valuing a business is part art and part science.
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Wide diversification is only required when investors do not understand what they are doing.
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I am a huge bull on this country. We will not have a double-dip recession at all. I see our businesses coming back almost across the board.
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I am a better investor because I am a businessman, and a better businessman because I am no investor.
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Focus on your customers and lead your people as though their lives depend on your success.
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I think you'll have plenty of scrutiny as how the money's invested. I mean, just like the RFC. When the RFC operated, people knew which institutions they were buying preferred stock in. And it worked very well.
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Our stay-put behavior reflects our view that the stock market serves as a relocation center at which money is moved from the active to the patient.
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If at first you do succeed, quit trying on investing.
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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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Two rules: 1. Preserve the principal 2. When in doubt, see Rule #1.
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Investment decision should be made on the basis of the most probable compounding of after-tax net worth with minimum risk.
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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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What an investor needs is the ability to correctly evaluate selected businesses. Note that word “selected”: You don't have to be an expert on every company, or even many. You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important knowing its boundaries, however, is vital.
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Anything can happen in stock markets and you ought to conduct your affairs so that if the most extraordinary events happen, that you're still around to play the next day.
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Of one thing be certain: if a CEO is enthused about a particularly foolish acquisition, both his internal staff and his outside advisors will come up with whatever projections are needed to justify his stance. Only in fairy tales are emperors told that they are naked.
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Cultivate curiosity and strive to become a little wiser every day.
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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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