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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.

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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More quotes by Warren Buffett

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Never ask a barber if you need a haircut.
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My friends and I have been coddled long enough by a billionaire-friendly Congress.
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The banking business is no favorite of ours. When assets are twenty times equity - a common ratio in this industry - mistakes that involve only a small portion of assets can destroy a major portion of equity. And mistakes have been the rule rather than the exception at many major banks.
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Growth and value investing are joined at the hip.
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Focus alone is not enough putting in the time to commit is also crucial to achieve success.
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I think the biggest thing we need is to unclog the credit markets, and we may need another stimulus - if we do, it's - it should go to the lower and middle-income people.
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The best education you can get is investing in yourself, and that doesn't mean college or university.
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So some guy may know how to make money in cocoa beans, but I don't so I just let him have that. But it's got to be something I understand. It's got to be a business with fundamentally good economics. It's got to be a management that I like and trust and admire. And it's got to be a price that makes sense.
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Always associate yourself with people who are better than you.
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In the great majority of cases we simply do not know enough about the industry or company to come to sensible judgments-in that situation we pass.
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Never be afraid to ask for too much when selling or offer too little when buying.
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I think the worst mistake you can make in stocks is to buy or sell based on current headlines.
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I think the FDIC was one of the great inventions of the American.
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Truly conservative actions arise from intelligent hypotheses, correct facts and sound reasoning.
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The trick is, when there is nothing to do, do nothing.
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How do you beat Bobby Fischer? You play him at any game but chess. I try to stay in games where I have an edge.
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Tell me your heroes and I'll tell you how your life will end up
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Writing checks to the IRS that include strings of zeros does not bother me ... Overall, we feel extraordinarily lucky to have been dealt a hand in life that enables us to write large checks to the government rather than one requiring the government to regularly write checks to us-say, because we are disabled or unemployed.
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Returns decrease as motion increases.
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A market downturn, doesn't bother us. For us and our long term investors, it is an opportunity to increase our ownership of great companies with great management at good prices. Only for short term investors and market timers is a correction not an opportunity.
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