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Never invest in a business you can't understand

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Understand
Business
Buffets
Never
Invest
Investors
Investing
Economics
Investment
Management

More quotes by Warren Buffett

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Someone is sitting in the shade today because someone planted a tree a long time ago.
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I checked the actuarial tables, and the lowest death rate is among six-year-olds. So I decided to eat like a six-year-old.
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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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I've made money over the years by buying into good companies, run by good people, at attractive prices. And I don't try and make it out of buying into the market at one point and selling at another point.
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So some guy may know how to make money in cocoa beans, but I don't so I just let him have that. But it's got to be something I understand. It's got to be a business with fundamentally good economics. It's got to be a management that I like and trust and admire. And it's got to be a price that makes sense.
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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 mean, you know, you're not going to change the human animal. And the human animal really doesn't get a lot smarter.
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The most important investment you can make is in yourself... nobody can tax it or take it away from you.
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Your money can be inflated away but your knowledge and talent cannot.
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Problems in a company are like cockroaches in the kitchen. You will never find just one
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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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In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts the Depression a dozen or so recessions and financial panics oil shocks a flu epidemic and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.
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The smartest side to take in a bidding war is the losing side.
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When it's raining gold, reach for a bucket, not a thimble.
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We would do best in a market where everyone acted foolishly.
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Knowing the edge of your competency is important. If you think you know more than you do, you will get in trouble.
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Focus on return on equity, not earnings per share.
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Never give up searching for the job that you're passionate about.
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Don't risk what is important to you, to get what is not important to you.
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If you knew what was going to happen in the economy, you still wouldn't necessarily know what was going to happen in the stock market.
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