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The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
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Omaha
Nebraska
Warren Edward Buffett
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The smarter the journalists are, the better off society is. For to a degree, people read the press to inform themselves - and the better the teacher, the better the student body.
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What the human being is best at doing is interpreting all new information so that their prior conclusions remain intact.
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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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We don't get paid for being busy, we get paid for being right.
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... the best way to own common stocks is through an index fund.
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As of 1992, in fact-though the picture would have improved since then-the money that had been made since the dawn of aviation by all of this country's airline companies was zero. Absolutely zero.
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Money will always flow toward opportunity, and there is an abundance of that in America.
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Whatever you like to do, make it a hobby and whatever the world likes to do, make it a business.
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If you buy the things you don't need, you will soon be selling the things that you need.
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Time is the friend of the wonderful company, the enemy of the mediocre.
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My net worth is the market value of holdings less the tax payable upon sale. The liability is just as real as the asset unless the value of the asset declines (ouch), the asset is given away (no comment), or I die with it. The latter course of action would appear to at least border on a Pyrrhic victory.
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With housing it's something even more dramatic than that, because most people aspire to own their own home.If you really think that houses prices are going to go up next year and the year after, you feel if I don't buy it this year, I'm going to have to buy it next year.That's not true of an Internet stock. But it's true of a home.
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If you own a wonderful business...the best thing to do is keep it. All you're going to do is trade your wonderful business for a whole bunch of cash, which isn't as good as the business, and you got the problem of investing in other businesses, and you probably paid a tax in between. So my advice to anybody who owns a wonderful business is keep it.
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Investing is the greatest business in the world because you never have to swing. You stand at the plate the pitcher throws you General Motors at 47! U.S. Steel at 39! And nobody calls a strike on you. There's no penalty except opportunity. All day you wait for the pitch you like then, when the fielders are asleep, you step up and hit it.
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A great investment opportunity occurs when a marvelous business encounters a one-time huge, but solvable problem.
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