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Diversification may preserve wealth, but concentration builds wealth.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Diversification
Builds
Preserve
Preserves
Concentration
Investing
Wealth
May

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If you understood a business perfectly and the future of the business, you need very little in the way of a margin of safety.
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Diversification is protection against ignorance. It makes little sense if you know what you are doing.
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Buy companies with strong histories of profitability and with a dominant business franchise.
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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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First come the innovators, then come the imitators, then come the idiots.
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Risk is a part of God's game, alike for men and nations.
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Nothing sedates rationality like large doses of effortless money.
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In some corner of the world they are probably still holding regular meetings of the Flat Earth Society. We derive no comfort because important people, vocal people, or great numbers of people agree with us. Nor do we derive comfort if they don't.
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We've long felt that the only value of stock forecasters is to make fortune tellers look good. Even now, Charlie and I continue to believe that short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children.
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What could be more advantageous in an intellectual contest - whether it be chess, bridge, or stock selection - than to have opponents who have been taught that thinking is a waste of energy?
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I'll tell you why I like the cigarette business. It cost a penny to make. Sell it for a dollar. It's addictive. And there's a fantastic brand loyalty.
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If you want to soar like an eagle in life, you can't be flocking with the turkeys.
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A low-cost index fund is the most sensible equity investment for the great majority of investors. My mentor, Ben Graham, took this position many years ago, and everything I have seen since convinces me of its truth.
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If horses had controlled investment decisions, there would have been no auto industry.
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I don't have my diploma from the University of Nebraska hanging on my office wall, and I don't have my diploma from Columbia up there either-but I do have my Dale Carnegie graduation certificate proudly displayed.
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The rich are always going to say that, you know, just give us more money and we'll go out and spend more and then it will all trickle down to the rest of you. But that has not worked the last 10 years, and I hope the American public is catching on.
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AIG would be doing fine today. It was one of the ten largest companies in the United States in terms of market value, over 200 billion, the most respected insurer and everything in the world.
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