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Activity is the enemy of investment returns.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Returns
Investing
Investment
Activity
Return
Enemy

More quotes by Warren Buffett

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Managers thinking about accounting issues should never forget one of Abraham Lincoln's favorite riddles: How many legs does a dog have, if you call a tail a leg? The answer: Four, because calling a tail a leg doesn't make it a leg.
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The only time to buy these is on a day with no 'y' in it.
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Success is having people love you that you want to have love you.
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We try to buy businesses with good-to-superb underlying economics run by honest and able people and buy them at sensible prices. That's all I'm trying to do.
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An IPO is like a negotiated transaction - the seller chooses when to come public - and it's unlikely to be a time that's favourable to you.
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You really don't need leverage in this world much. If you're smart, you're going to make a lot of money without borrowing. I've never borrowed a significant amount of money in my life. Never. Never will. I've got no interest in it.
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The real fortunes in this country have been made by people who have been right about the business they invested in, and not right about the timing of the stock market.
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The key to life is to figure out who to be the batboy for.
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House prices just soared beyond - beyond reason in many places and they got financed in silly ways, and people lied about loans, all kinds of accesses entered into it. But that is what - that is the single biggest cause of why we're here.
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If you want to soar like an eagle in life, you can't be flocking with the turkeys.
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If you buy things you do not need, soon you will have to sell things you need.
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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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Charlie [Munger] and I are not big fans of resumes. Instead, we focus on brains, passion and integrity.
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What we learn from history is that people don't learn from history.
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I've argued with the senators and congressmen I've talked to. You don't want to be too little too late. If you buy them at the right price, you may be buying two trillion of face value.
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The smarter the journalists are, the better off society is.
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The range of derivatives contracts is limited only by the imagination of man (or sometimes, so it seems, madmen). Say you want to write a contract speculating on the number of twins to be born in Nebraska in 2020. No problem-at a price, you will easily find an obliging counterparty.
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We've used derivatives for many, many years. I don't think derivatives are evil, per se, I think they are dangerous.
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It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
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... not doing what we love in the name of greed is very poor management of our lives.
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