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Stop trying to predict the direction of the stock market, the economy or elections.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Direction
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Election
Economy
Buffets
Stop
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More quotes by Warren Buffett

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Do not take yearly results too seriously. Instead, focus on four or five-year averages.
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There is no staff. I make all the investment decisions and I do all my own analysis.
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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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The advice you never go broke taking a profit is foolish.
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When we went crazy, and we did go crazy on residential real estate, it set things in motion that just - the dominoes started toppling.
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A pin lies in wait for every bubble and when the two eventually meet, a new wave of investors learns some very old lessons.
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The best education you can get is investing in yourself, and that doesn't mean college or university.
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It is unquestionably true that the investment companies have their money more conventionally invested than we do. To many people conventionality is indistinguishable from conservatism. In my view, this represents erroneous thinking. Neither a conventional nor an unconventional approach, per se, is conservative.
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In earlier years, a lesser effort produced literally dozens of comparable opportunities. It is difficult to be objective about the causes for such diminution of one's own productivity. Three factors that seem apparent are: (1) a somewhat changed market environment (2) our increased size and (3) substantially more competition.
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There are all kinds of businesses that Charlie and I don't understand, but that doesn't cause us to stay up at night. It just means we go on to the next one, and that's what the individual investor should do.
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I'd rather have a $10 million business making 15 per cent than a $100 million business making 5 per cent.
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We continue to make more money when snoring than when active.
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When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.
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We try to buy businesses with good-to-superb underlying economics run by honest and able people and buy them at sensible prices. That's all I'm trying to do.
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You're neither right nor wrong because other people agree with you. You're right because your facts are right and your reasoning is right - that's the only thing that makes you right. And if your facts and reasoning are right, you don't have to worry about anybody else.
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I read annual reports of the company I'm looking at and I read the annual reports of the competitors - that is the main source of material.
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The stockmarket is a semi-psychotic creature given to extremes of elation and despair.
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Asset-heavy businesses generally earn low rates of return - rates that often barely provide enough capital to fund the inflationary needs of the existing business, with nothing left over for real growth, for distribution to owners, or for acquisition of new businesses
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In an inflationary world, a toll bridge (like company) would be a great thing to own because you've laid out the capital costs. You built it in old dollars and you don't have to keep replacing it.
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Activity is the enemy of investment returns.
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