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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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The smarter the journalists are, the better off society is.
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I’ve worked in an economy that rewards someone who saves the lives of others on a battlefield with a medal, rewards a great teacher with thank-you notes from parents, but rewards those who can detect the mispricing of securities with sums reaching into the billions.
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You only have to do a very few things right in your life so long as you don't do too many things wrong.
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The most dangerous distractions are the ones you love, but that don’t love you back.
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Never get too hung up on mistakes.
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It's not debt per say that overwhelms an individual corporation or country. Rather it is a continuous increase in debt in relation to income that causes trouble.
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Investing requires qualities of temperament way more than it requires qualities of intellect.
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I mean, Hank Paulson is in there [ Treasury] at the wrong time, probably shouldn't have taken the job. He's a friend of mine. But he knows markets, he knows corporations' work, he knows money, and he's got the interests of the country at heart.
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What we learn from history is that people don't learn from history.
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Whatever you like to do, make it a hobby and whatever the world likes to do, make it a business.
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We've got all the ingredients for a sensational future.
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You're neither right nor wrong because other people agree with you. You're right because your facts are right and your reasoning is right - that's the only thing that makes you right. And if your facts and reasoning are right, you don't have to worry about anybody else.
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I would say the most satisfying thing actually is watching my three children each pick up on their own interests and work many more hours per week than most people that have jobs at trying to intelligently give away that money in fields that they particularly care about.
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It's easier to create money than to spend it.
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In the world of business, the people who are most successful are those who are doing what they love.
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The gross profits in many workouts appear quite small. It's a little like looking for parking meters with some time left on them. However, the predictability coupled with a short holding period produces quite decent average annual rates of return after allowance for the occasional substantial loss.
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I don't need 15 houses. Owning real estate doesn't mean much to me. I don't like to think about things like that. I don't need 12 boats, or even the world's largest boat with a crew of 80. I'd have to take care of them, to worry about them. I get a lot more fun out of life without all the bells and whistles.
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I mean, you know, you're not going to change the human animal. And the human animal really doesn't get a lot smarter.
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Success in investing doesn’t correlate with I.Q. Once you are above the level of 25 once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing.
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We need to throw the resources at this that are necessary. But like I say, we are not spending money. I mean, if we buy these assets intelligently, the United States Treasury will make money. I mean, it's borrowing money. It's just a few percent a year.
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