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The less prudence with which others conduct their affairs, the greater the prudence with which we should conduct our own affairs.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Values
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Others
Prudence
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Problems in a company are like cockroaches in the kitchen. You will never find just one
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I think the oversight is great, and I think that oversight ought to be devoted almost entirely to the question is this being done at market you know. In other words, you want to make sure that the government isn't investing foolishly. But you don't want to care about which congressional districts it goes to or whether banks get favored over.
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If you don't know the Jewelry, know the Jeweller
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Failing conventionally is the route to go as a group, lemmings may have a rotten image, but no individual lemming has ever received bad press
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Charlie and I have a number of filters that things have to get through before we'll think about them.
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Bad terminology is the enemy of good thinking.
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I think you should read everything you can. In my case, by the age of 10, I'd read every book in the Omaha public library about investing, some twice. You need to fill your mind with various competing thoughts and decide which make sense.
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The truth is that I've got all my net worth safely in Berkshire and I will never sell a share so there is no one more concerned about what happens after my death than I am.
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Trust is like the air we breathe--when it's present, nobody really notices when it's absent, everybody notices.
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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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Asset values and earning power are the dominant factors affecting the valuation of a controlling interest in a business. Market price, which governs valuation of minority interest positions, is of little or no importance in valuing a controlling interest.
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Fear is the foe of the faddist, but the friend of the fundamentalist.
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Never invest in a business you can't understand
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An irresistable footnote: in 1971, pension fund managers invested a record 122% of net funds available in equities - at full prices they couldn't buy enough of them. In 1974, after the bottom had fallen out, they committed a then record low of 21% to stocks.
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The Happiest people DO NOT necessarily have the BEST THINGS. They simply APPRECIATE the things they have.
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I think the worst mistake you can make in stocks is to buy or sell based on current headlines.
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If I got any good ideas out of that or I think they're good ideas, I'll be glad to contribute them but the system will probably overdo some other things.
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It's just that right now the athlete's on the floor. But we - this is a super athlete.
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You should be unconcerned about short-term price action when you own the securities directly, just as you were unconcerned when you owned them indirectly through BPL. I think about them as businesses, not stocks, and if the business does all right over the long term, so will the stock.
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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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