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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
Business
Hard
Dumbest
Competitor
Competitors
Commodity
Smarter
Investing

More quotes by Warren Buffett

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AIG would be doing fine today. It was one of the ten largest companies in the United States in terms of market value, over 200 billion, the most respected insurer and everything in the world.
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Our stay-put behavior reflects our view that the stock market serves as a relocation center at which money is moved from the active to the patient.
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I lose confidence in other people, all kinds of institutions.
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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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Investing is laying out money now to get more money back in the future.
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If AIG had tried to unwind their derivatives books. I don't know. It would have hit every institution in the world.
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It’s not that I want money. It’s the fun of making money and watching it grow.
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Money will not change how healthy you are or how many people love you.
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Traditional wisdom is long on tradition and short on wisdom.
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This country is going - be living better ten years from now than it is now. It will be living better in 20 years from now than ten years from now. The ingredients that made this country, you know, the miracle of the world - I mean we had a seven for one improvement in the average American standard of living in the 20th century.
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The 19th century belonged to England, the 20th century belonged to the U.S., and the 21st century belongs to China. Invest accordingly.
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Stocks are the only thing that people are happy to buy when the price goes up.
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We're perfectly willing to trade away a big payoff for a certain payoff.
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Never invest in a business you don't understand.
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In the great majority of cases we simply do not know enough about the industry or company to come to sensible judgments-in that situation we pass.
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Never give up searching for the job that you're passionate about.
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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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Buy companies with strong histories of profitability and with a dominant business franchise.
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I'm just lucky to have been in the right place at the right time. Another place, another time, I wouldn't have been as successful. Society enabled me to make my money and my money should go to society.
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We don't get paid for being busy, we get paid for being right.
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