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Managers and investors alike must understand that accounting numbers are the beginning, not the end, of business valuation.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Understand
Valuation
Business
Billionaire
Ends
Accounting
Must
Alike
Investors
Managers
Beginning
Numbers

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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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As an investor with small capital, one should prefer businesses that have high returns on capital and that require little incremental investment to grow.
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If you can eliminate the government as a 39.6% partner, then you will be much better off.
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Gold is a way of going long on fear, and it has been a pretty good way of going long on fear from time to time. But you really have to hope people become more afraid in a year or two years than they are now. And if they become more afraid you make money, if they become less afraid you lose money, but the gold itself doesn’t produce anything.
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We're perfectly willing to trade away a big payoff for a certain payoff.
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