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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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There is no staff. I make all the investment decisions and I do all my own analysis.
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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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What we really want to do is buy businesses that we would be happy to own forever.
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Money will always flow toward opportunity, and there is an abundance of that in America.
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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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If I subscribed to the efficient market theory I would still be delivering papers
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I sent one e-mail in my life. I sent it to Jeff Raikes at Microsoft, and it ended up in court in Minneapolis, so I am one for one.
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If you were at Lehman, the same thing happened. If you were at AIG, the shareholders are getting creamed on these things. And those shareholders are not just a bunch of big shots in Wall Street. Those are pension funds, and those are investors all over the country. I wouldn't worry too much about that. Justice won't be perfect on it.
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Investing is laying out money now to get more money back in the future.
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Diversification may preserve wealth, but concentration builds wealth.
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Our future rates of gain will fall far short of those achieved in the past. Berkshire's capital base is now simply too large to allow us to earn truly outsized returns. If you believe otherwise, you should consider a career in sales but avoid one in mathematics.
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People should always know better.
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Do what you would do for free, having passion for what you do is the most important thing.
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I have this complicated procedure I go through every morning, which is to look in the mirror and decide what I'm going to do. And I feel at that point, everybody's had their say.
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When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.
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Never give up searching for the job that you're passionate about.
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In the business world, the rearview mirror is always clearer than the windshield.
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You have no ability, if you're a financial institution and you're threatened with criminal prosecution, you have no ability to negotiate.
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It is impossible to unsign a contract, so do all your thinking before you sign.
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Basically, the single-most important decision in evaluating a business is pricing power.
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