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A pack of lemmings looks like a group of rugged individualists compared with Wall Street when it gets a concept in its teeth.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
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Teeth
Individualists
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Lemmings
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More quotes by Warren Buffett

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Managers thinking about accounting issues should never forget one of Abraham Lincoln's favorite riddles: How many legs does a dog have, if you call a tail a leg? The answer: Four, because calling a tail a leg doesn't make it a leg.
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Ignore the stock market, ignore the economy, and buy a business you understand.
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If I taught a class, on my final exam I would take an Internet company and ask, 'How much is this company worth?' Anyone who would answer, I would flunk.
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You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ.
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I do not like debt and do not like to invest in companies that have too much debt, particularly long-term debt. With long-term debt, increases in interest rates can drastically affect company profits and make future cash flows less predictable.
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Risk can be greatly reduced by concentrating on only a few holdings.
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Never depend on single income. Make investment to create a second source.
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The obligation of a society as prosperous as ours is to figure out how nobody gets left too far behind.
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Nevertheless, as circumstances presently appear, I feel substantially greater size is more likely to harm future results than to help them. This might not be true for my own personal results, but it is likely to be true for your results.
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Be fearful when there is greed and be greedy when there is fear.
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We have provided capital here with a couple of institutions recently. The Federal government did that in the '30s for the RFC and I think there could well be a proper role for government in that.
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I certainly do believe anyone engaged in the management of money should have a standard of measurement, and that both he and the party whose money is managed should have a clear understanding why it is the appropriate standard, what time period should be utilized, etc.
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Don't risk what is important to you, to get what is not important to you.
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There are three kinds of people: 1. Innovators. 2. Imitators. 3. Idiots.
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I think that trying to invest through 535 people is a tough job, you know, and so I would give more latitude.
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Inflation could be a very - is a likely consequence out of what's going on now.
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Money will always flow toward opportunity, and there is an abundance of that in America.
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Great investment opportunities come around when excellent companies are surrounded by unusual circumstances that cause the stock to be misappraised.
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Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing.
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You don't need to be an expert in order to achieve satisfactory investment returns. But if you aren't, you must recognize your limitations and follow a course certain to work reasonably well. Keep things simple and don't swing for the fences.
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