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Cash never makes us happy, but it's better to have the money burning a hole in Berkshire's pocket than resting comfortably in someone else's.
Warren Buffett
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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Burning
Comfortably
Happy
Resting
Makes
Pocket
Money
Hole
Else
Pockets
Someone
Cash
Better
Holes
Berkshire
Never
Investing
Buffets
More quotes by Warren Buffett
A bull market is like sex. It feels best just before it ends.
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Everybody's got a different circle of competence. The important thing is not how big the circle is. The important thing is staying inside the circle.
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What we learn from history is that people don't learn from history.
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We only want to link up with people whom we like, admire, and trust. ... We do not wish to join with managers who lack admirable qualities, no matter how attractive the prospects of their business. We've never succeeded in making a good deal with a bad person.
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Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life.
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I bought a company in the mid-90s called Dexter Shoe and paid $400 million for it. And it went to zero. And I gave about $400 million worth of Berkshire stock, which is probably now worth $400 billion. But I've made lots of dumb decisions. That's part of the game.
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We have provided capital here with a couple of institutions recently. The Federal government did that in the '30s for the RFC and I think there could well be a proper role for government in that.
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If you can't read the scoreboard. You don't know the score. If you don't know the score, you can't tell the winners from the losers.
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A stock doesn't know that you own it.
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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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If principles can become dated, they're not principles.
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Exercise humility and restraint.
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Of one thing be certain: if a CEO is enthused about a particularly foolish acquisition, both his internal staff and his outside advisors will come up with whatever projections are needed to justify his stance. Only in fairy tales are emperors told that they are naked.
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If I taught a class, on my final exam I would take an Internet company and ask, 'How much is this company worth?' Anyone who would answer, I would flunk.
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The thing to do is to keep your mind when the world around you is losing theirs.
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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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Energy deregulation will be the largest transfer of wealth in history.
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Always invest for the long term.
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I don't look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.
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The first rule is not to lose. The second rule is not to forget the first rule.
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