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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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Reasonably
Given
Percentage
Change
Percentages
Book
Likely
Years
Close
Value
Year
Values
Intrinsic

More quotes by Warren Buffett

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Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices.
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Energy deregulation will be the largest transfer of wealth in history.
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I don't read economic forecasts. I don't read the funny papers.
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The critical investment factor is determining the intrinsic value of a business and paying a fair or bargain price.
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The difference between successful people and really successful people is that really successful people say no to almost everything.
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What an investor needs is the ability to correctly evaluate selected businesses. Note that word “selected”: You don't have to be an expert on every company, or even many. You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important knowing its boundaries, however, is vital.
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An investor will succeed by coupling good business judgment with an ability to insulate his thoughts and behavior from the super-contagious emotions that swirl about the marketplace.
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A very rich person should leave his kids enough to do anything, but not enough to do nothing.
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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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Investing in yourself is the best thing you can do. If you've got talents, no one can take them from you.
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I don't want to hold out false hopes that the - by some magic moment, that things will turn around in a couple months because they wouldn't, Charlie. I mean, and it's a big mistake to try and mislead people.
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If you want a government that's going to do the things we ask our government to do, you've got to get it from somebody.
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We believe that according the name 'investors' to institutions that trade actively is like calling someone who repeatedly engages in one-night stands a 'romantic.'
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I think the most important factor in getting out of the recession actually is just the regenerative capacity of - of American capitalism.
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It's never paid to bet against America. We come through things, but its not always a smooth ride.
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In economics, you always want to ask 'And then what?'
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If anything, taxes for the lower and middle class and maybe even the upper-middle class should even probably be cut further. But I think that people at the high end - people like myself - should be paying a lot more in taxes. We have it better than we've ever had it.
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It's good to learn from your mistakes. It's better to learn from other people's mistakes.
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I am a better investor because I am a businessman, and a better businessman because I am no investor.
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In a bull market, one must avoid the error of the preening duck that quacks boastfully after a torrential rainstorm, thinking that its paddling skills have caused it to rise in the world. A right-thinking duck would instead compare its position after the downpour to that of the other ducks on the pond.
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