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First, many in Wall Street - a community in which quality control is not prized - will sell investors anything they will buy.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
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Investor
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Omaha
Nebraska
Warren Edward Buffett
Anything
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More quotes by Warren Buffett

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Lethargy bordering on sloth remains the cornerstone of our investment style. The exception was Wells Fargo, a superbly-managed, high-return banking operation in which we increased our ownership to just under 10%, the most we can own without the approval of the Federal Reserve Board.
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All I have to do is think and not be influenced by others.
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Our stay-put behavior reflects our view that the stock market serves as a relocation center at which money is moved from the active to the patient.
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What's nice about investing is you don't have to swing at every pitch.
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Risk comes from not knowing what you are doing so wide diversification is only required when investors are ignorant. You only have to do a very few things in your life so long as you don't do too many things wrong.
Warren Buffett
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I think any time you couple the term Wall Street with bailout or something like that, you know - I don't like what's going on in Wall Street.
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There are three kinds of people: 1. Innovators. 2. Imitators. 3. Idiots.
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I've made money over the years by buying into good companies, run by good people, at attractive prices. And I don't try and make it out of buying into the market at one point and selling at another point.
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Focus on return on equity, not earnings per share.
Warren Buffett
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Never test the depth of river with both the feet.
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Intensity is the price of excellence.
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The best thing that happens to us is when a great company gets into temporary trouble...We want to buy them when they're on the operating table.
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It is to our advantage to have securities do nothing price-wise for months, or perhaps years, while we are buying them.
Warren Buffett
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Turnarounds seldom turn.
Warren Buffett
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I just don't see anything available that gives any reasonable hope of delivering such a good year and I have no desire to grope around, hoping to 'get lucky' with other people's money. I am not attuned to this market environment, and I don't want to spoil a decent record by trying to play a game I don't understand just so I can go out a hero.
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People who watch their weight, golf scores, and fuel bills seem to shun quantitative evaluation of their investment management skills although it involves the most important client in the world-themselves.
Warren Buffett
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I make no effort to predict the course of general business or the stock market. Period. However, currently there are practices snowballing in the security markets and business world which, while devoid of short term predictive value, bother me as to possible long term consequences.
Warren Buffett
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The managers at fault periodically report on the lesson they have learned from the latest disappointment. They then usually seek out future lessons.
Warren Buffett
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In other words, the percentage change in book value in any given year is likely to be reasonably close to that year's change in intrinsic value.
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Knowing the edge of your competency is important. If you think you know more than you do, you will get in trouble.
Warren Buffett