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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
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Business
Brands
Tell
Smoking
Addictive
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Tobacco
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More quotes by Warren Buffett

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I think that trying to invest through 535 people is a tough job, you know, and so I would give more latitude.
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I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.
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You don't need to have extraordinary effort to achieve extraordinary results. You just need to do the ordinary, everyday things exceptionally well.
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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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Earnings can be pliable as putty when a charlatan heads the company reporting them.
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Wild swings in share prices have more to do with the lemming- like behaviour of institutional investors than with the aggregate returns of the company they own.
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The important thing is to keep playing, to play against weak opponents and to play for big stakes.
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Nothing sedates rationality like large doses of effortless money.
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There are 309 million people out there that are trying to improve their lot in life. And we've got a system that allows them to do it.
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Most investors, both institutional and individual, will find that the best way to own common stocks (shares') is through an index fund that charges minimal fees. Those following this path are sure to beat the net results (after fees and expenses) of the great majority of investment professionals.
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At Berkshire, I both initiate and monitor every derivatives contract on our books ... If Berkshire ever gets in trouble, it will be my fault. It will not be because of the misjudgments made by a risk committee or chief risk officer.
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I would push purchasing power - you push out $1,000 of purchasing to those people, it's going to get - it's going to get spent. And it needs to be spent. They need it. And it should come, to some extent, from guys like me.
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Cash combined with courage in a time of crisis is priceless.
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For some reason people take their cues from price action rather than from values. Price is what you pay. Value is what you get.
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We look for things I can understand. A lot of businesses I don't understand.
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An investor will succeed by coupling good business judgment with an ability to insulate his thoughts and behavior from the super-contagious emotions that swirl about the marketplace.
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A prediction about the direction of the stock market tells you nothing about where stocks are headed, but a whole lot about the person doing the predicting.
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Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing.
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I was lucky to have the right heroes. Tell me who your heroes are and I'll tell you how you'll turn out to be. The qualities of the one you admire are the traits that you, with a little practice, can make your own, and that, if practiced, will become habit forming.
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You can't stand to see your neighbor getting rich. You know you're smarter than he is and he's doing these things and he's getting rich.
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