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The critical investment factor is determining the intrinsic value of a business and paying a fair or bargain price.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Business
Investing
Buffets
Fairs
Determining
Investment
Bargain
Price
Intrinsic
Fair
Bargains
Critical
Factor
Value
Paying
Values
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More quotes by Warren Buffett

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Never risk what you have and need for what we don't have and don't need.
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Energy deregulation will be the largest transfer of wealth in history.
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But 300 million Americans, their lending institutions, their government, their media, all believed that house prices were going to go up consistently. And that got billed into a $20 trillion residential home market. Lending was done based on it, and everybody did a lot of foolish things.
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You can't produce a baby in one month by getting nine women pregnant.
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Personally, I really hope I can treat everyone equally. I think I have done a pretty good job so far but I know I can do it better.
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You get in a lot of trouble when you start putting fictitious numbers.
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Buy companies with strong histories of profitability and with a dominant business franchise.
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All I have to do is think and not be influenced by others.
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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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Our policy is to concentrate holdings. We try to avoid buying a little of this or that when we are only lukewarm about the business or its price. When we are convinced as to attractiveness, we believe in buying worthwhile amounts.
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The best business returns are usually achieved by companies that are doing something quite similar today to what they were doing five or ten years ago.
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You don't want 300 million Americans putting their money under the mattress.
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One of the ironies of the stock market is the emphasis on activity. Brokers, using terms such as 'marketability' and 'liquidity,' sing the praises of companies with high share turnover... but investors should understand that what is good for the croupier is not good for the customer. A hyperactive stock market is the pick pocket of enterprise.
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When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.
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Truly conservative actions arise from intelligent hypotheses, correct facts and sound reasoning.
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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 mean there is no capital requirements to it or anything of the sort. And basically, I said there were possibly financial weapons of mass destruction, and they had them. They destroyed AIG. They certainly contributed to the destruction of Bear Sterns and Lehman. Although Lehman had other problems, too.
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I tell college students, when you get to be my age you will be successful if the people who you hope to have love you, do love you.
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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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Of the billionaires I have known, money just brings out the basic traits in them. If they were jerks before they had money, they are simply jerks with a billion dollars.
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