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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
Enemy
Returns
Investing
Investment
Activity
Return

More quotes by Warren Buffett

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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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It's just that right now the athlete's on the floor. But we - this is a super athlete.
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Other guys read Playboy. I read annual reports.
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It's good to learn from your mistakes. It's better to learn from other people's mistakes.
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Over the years, Charlie [Munger, Berkshire Hathaway Vice Chairman] and I have observed many accounting-based frauds of staggering size. Few of the perpetrators have been punished many have not even been censured. It has been far safer to steal large sums with pen than small sums with a gun.
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The most dangerous distractions are the ones you love, but that don’t love you back.
Warren Buffett
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Failing conventionally is the route to go as a group, lemmings may have a rotten image, but no individual lemming has ever received bad press
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Buy stocks like you buy your groceries, not like you buy your perfume.
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It's better to hang out with people better than you. Pick out associates whose behavior is better than yours and you'll drift in that direction.
Warren Buffett
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No formula in finance tells you that the moat is 28 feet wide and 16 feet deep. That's what drives the academics crazy. They can compute standard deviations and betas, but they can't understand moats.
Warren Buffett
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What we really want to do is buy businesses that we would be happy to own forever.
Warren Buffett
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You can't make a good deal with a bad person.
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Mark Zuckerberg will be a hero to many young entrepreneurs 20 years from now. Bill Gates will be a hero to others, and they will look to those [people] like I read books when I was in my teens about Rockefeller or Carnegie.
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The great personal fortunes in the country weren't built on a portfolio of fifty companies. They were built by someone who identified one wonderful business. With each investment you make, you should have the courage and the conviction to place at least 10% of your net worth in that stock.
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We have long felt that the only value of stock forecasters is to make fortune-tellers look good.
Warren Buffett
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Our future rates of gain will fall far short of those achieved in the past. Berkshire's capital base is now simply too large to allow us to earn truly outsized returns. If you believe otherwise, you should consider a career in sales but avoid one in mathematics.
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Like I say, I don't think it'll be done perfectly. Maybe we'll end up with a little bit better [economy] system.
Warren Buffett
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Look at market fluctuations as your friend rather than your enemy profit from folly rather than participate in it.
Warren Buffett
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I think any time you couple the term Wall Street with bailout or something like that, you know - I don't like what's going on in Wall Street.
Warren Buffett
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We will only do with your money what we would do with our own.
Warren Buffett