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In a commodity business, it's very hard to be smarter than your dumbest competitor.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Smarter
Investing
Business
Hard
Dumbest
Competitor
Competitors
Commodity

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I want to be able to explain my mistakes. This means I do only the things I completely understand.
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You shouldn't own common stocks if a 50 per cent decrease in their value in a short period of time would cause you acute distress.
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We've seen what can be accomplished when we use 50% of our human capacity. If you visualize what 100% can do, you'll join me as an unbridled optimist about America's future.
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The future is never clear you pay a very high price in the stock market for a cheery consensus. Uncertainty actually is the friend of the buyer of long-term values.
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Investing is simple, but not easy.
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Continually challenge and be willing to amend your best loved ideas.
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Investors making purchases in an overheated market need to recognize that it may often take an extended period for the value of even an outstanding company to catch up with the price they paid.
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We've got more productive capacity now than we ever have.
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The reaction of weak management to weak operations is often weak accounting.
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When you listen to tax-cut rhetoric, remember that giving one class of taxpayer a break requires - now or down the line - that an equivalent burden be imposed on other parties. In other words, if I get a break, someone else pays. Government can't deliver a free lunch to the country as a whole. It can however, determine who pays for lunch.
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My job is essentially just corralling more and more and more facts and information, and occasionally seeing whether that leads to some action.
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It's a big mistake to try and mislead people. They will turn around.
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There are all kinds of businesses that Charlie and I don't understand, but that doesn't cause us to stay up at night. It just means we go on to the next one, and that's what the individual investor should do.
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Two rules: 1. Preserve the principal 2. When in doubt, see Rule #1.
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There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.
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Never invest in a business you can't understand
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The only time to buy these is on a day with no 'y' in it.
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Mr. Market is kind of a drunken psycho. Some days he gets very enthused, some days he gets very depressed. And when he get really enthused you sell to him, and if he gets depressed, you buy from him. There's no moral taint attached to that.
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When forced to choose, I will not trade even a night's sleep for the chance of extra profits.
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