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As of 1992, in fact-though the picture would have improved since then-the money that had been made since the dawn of aviation by all of this country's airline companies was zero. Absolutely zero.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Absolutely
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Since
Airline
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Fact
Zero
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The obligation of a society as prosperous as ours is to figure out how nobody gets left too far behind.
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Growth and value investing are joined at the hip.
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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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... the best way to own common stocks is through an index fund.
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You should invest like a Catholic marries: for life.
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At age 19, I read a book [The Intelligent Investor] and what I'm doing today, at age 76, is running things through the same thought process I learned from the book I read at 19.
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Take the probability of loss times the amount of possible loss from the probability of gain times the amount of possible gain. That is what we're trying to do. It's imperfect, but that's what it's all about.
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The same things happen to quite an extent around the globe. I mean, the European banks were doing what the American banks were.
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We say we are trying to buy into businesses with excellent economics, run by honest and able people at a decent price. We buy very few securities, so we look at it as focused investing.
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We have usually made our best purchases when apprehensions about some macro event were at a peak. Fear is the foe of the faddist, but the friend of the fundamentalist.
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Buy a business, don't rent stocks.
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If you gave me the choice of being CEO of General Electric or IBM or General Motors, you name it, or delivering papers, I would deliver papers. I would. I enjoyed doing that. I can think about what I want to think. I don't have to do anything I don't want to do.
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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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My favorite time frame for holding a stock is forever.
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I have never been able to understand why the tax comes as such a body blow to many people since the rate on long-term capital gain is lower than on most likes of endeavor (tax policy indicated digging ditches is regarded as socially less desirable than shuffling stock certificates).
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We've actually been pretty good on exports. I mean we are exporting 12% of our GDP now roughly.
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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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The best way in my view is to just buy a low-cost index fund and keep buying it regularly over time, because you'll be buying into a wonderful industry, which in effect is all of American industry... People ought to sit back and relax and keep accumulating over time.
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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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We also believe candour benefits us as managers. The CEO who misleads often in public eventually misleads himself in private.
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