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Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Even
Investing
Good
Attractive
Buffets
Never
Price
Purchase
Property
Sale
Gives
Estates
Results
Mediocre
Making
Investors
Giving
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I would rather sustain the penalties resulting from over-conservatism than face the consequences of error, perhaps with permanent capital loss, resulting from the adoption of New Era philosophy where trees really do grow to the sky.
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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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Benign neglect, bordering on sloth, remains the hallmark of our investment process.
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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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We don't read other people's opinions. We want to get the facts, and then think.
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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.
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When I take a look at a company's annual report, if I don't understand it, they don't want me to understand it.
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Our favorite holding period is forever.
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In the great majority of cases we simply do not know enough about the industry or company to come to sensible judgments-in that situation we pass.
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If the reason for doing something is that everyone else is doing it, it's not a good enough reason.
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Well, I think the biggest mistake is not learning the habits of saving properly early. Because saving is a habit. And then, trying to get rich quick. It's pretty easy to get well-to-do slowly. But it's not easy to get rich quick.
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A stock doesn't know that you own it.
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The key to life is to figure out who to be the batboy for.
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America should stand for more than just wealth.
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My rather puritanical view is that any investment manager, whether operating as broker, investment counselor of a trust department, investment company, etc., should be willing to state unequivocally what he is going to attempt to accomplish and how he proposes to measure the extent to which he gets the job done.
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Forecasts usually tell us more of the forecaster than of the forecast
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The greatest Enemies of the Equity investor are Expenses and Emotions.
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It is not necessary to do extraordinary things to get extraordinary results.
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An IPO is like a negotiated transaction - the seller chooses when to come public - and it's unlikely to be a time that's favourable to you.
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When a management with reputation for brilliance gets hooked up with a business with a reputation for bad economics, it's the reputation of the business that remains intact.
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