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

More quotes by Warren Buffett

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You don't need to have extraordinary effort to achieve extraordinary results. You just need to do the ordinary, everyday things exceptionally well.
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There's not many businesses where someone can come in and offer to cut the price in half and somebody doesn't think about shifting. But that's the nature of the ratings business.
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The most important investment you can make is in yourself... nobody can tax it or take it away from you.
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I mean, if Pearl Harbor came along, you could have said the planning was wrong by the military ahead of time or maybe the battleships shouldn't have all been in the harbor and all that kind of thing.
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It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.
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The smartest side to take in a bidding war is the losing side.
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Investing in a market where people believe in efficiency is like playing bridge with someone who has been told it doesn't do any good to look at the cards.
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Read Ben Graham and Phil Fisher read annual reports, but don't do equations with Greek letters in them.
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Investors should remember that excitement and expenses are their enemies.
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It is not necessary to do extraordinary things to get extraordinary results.
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All there is to investing is picking good stocks at good times and staying with them as long as they remain good companies.
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SUPPOSE that an investor you admire and trust comes to you with an investment idea. This is a good one, he says enthusiastically. I'm in it, and I think you should be, too.
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If, when making a stock investment, you're not considering holding it at least ten years, don't waste more than ten minutes considering it.
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I have always cautioned partners that I considered three years a minimum in determining whether we were performing.
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Of the billionaires I have known, money just brings out the basic traits in them. If they were jerks before they had money, they are simply jerks with a billion dollars.
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Well, it may be all right in practice, but it will never work in theory
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Lethargy, bordering on sloth should remain the cornerstone of an investment style.
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... the best way to own common stocks is through an index fund.
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People always ask me where they should go to work, and I always tell them to go to work for whom they admire the most.
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If you’re in the luckiest one per cent of humanity, you owe it to the rest of humanity to think about the other 99 per cent.
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