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The trick is, when there is nothing to do, do nothing.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Generosity
Tricks
Nothing
Life
Trick

More quotes by Warren Buffett

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We've been in a recession, by any common sense definition, because if you look at the American public, they've got 20 billion - 20 trillion, I should say, worth of residential homes.
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You get in a lot of trouble when you start putting fictitious numbers.
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You don't have to be a genius to invest well
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Writing a check separates a commitment from a conversation.
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I choose to work with every single person that I work with. That ends up being the most important factor. I don't interact with people I don't like or admire. That's the key. It's like marrying.
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I know that Congress will do the right thing.
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An investor should act as though he had a lifetime decision card with just twenty punches on it.
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In the end, alchemy, whether it is metallurgical or financial, fails. A base business can not be transformed into a golden business by tricks of accounting or capital structure. The man claiming to be a financial alchemist may become rich. But gullible investors rather than business achievements will usually be the source of his wealth.
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Risk can be greatly reduced by concentrating on only a few holdings.
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The extraordinary business does not require good management.
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Over the years, Charlie [Munger, Berkshire Hathaway Vice Chairman] and I have observed many accounting-based frauds of staggering size. Few of the perpetrators have been punished many have not even been censured. It has been far safer to steal large sums with pen than small sums with a gun.
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Paradoxically, when 'dumb' money acknowledges its limitations, it ceases to be dumb.
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The gross profits in many workouts appear quite small. It's a little like looking for parking meters with some time left on them. However, the predictability coupled with a short holding period produces quite decent average annual rates of return after allowance for the occasional substantial loss.
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America should stand for more than just wealth.
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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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Either they're trying to con you or they're trying to con themselves.
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The rich are always going to say that, you know, just give us more money and we'll go out and spend more and then it will all trickle down to the rest of you. But that has not worked the last 10 years, and I hope the American public is catching on.
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I want to be able to explain my mistakes. This means I do only the things I completely understand.
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Does management resist the institutional imperative?
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Let only individuals contribute - with sensible limits per election. Otherwise, we are well on our way to ensuring that a government of the moneyed, by the moneyed, and for the moneyed shall not perish from the earth.
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