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When Berkshire buys common stock, we approach the transaction as if we were buying into a private business.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Buying
Investing
Private
Approach
Berkshire
Common
Transaction
Business
Buys
Transactions
Stock

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We like to buy businesses, but we don't like to sell them.
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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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When the president of the United States goes out at, you know, 8:00 o'clock in the morning and then his own party votes gets him 2 to 1 in the house, you know that somehow a message isn't getting out. It takes real leadership.
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In looking for people to hire, look for three qualities: integrity, intelligence and energy. And if they don't have the first, the other two will kill you.
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It is to our advantage to have securities do nothing price-wise for months, or perhaps years, while we are buying them.
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Cash never makes us happy, but it's better to have the money burning a hole in Berkshire's pocket than resting comfortably in someone else's.
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The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.
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Risk comes from not knowing what you are doing so wide diversification is only required when investors are ignorant. You only have to do a very few things in your life so long as you don't do too many things wrong.
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I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business.
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It's a lot easier to buy things than it is to sell them.
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Investment students need only two well-taught courses - How to Value a Business and How to Think About Market Prices
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Never invest in a business you don't understand.
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There's no use running if you're on the wrong road.
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We have provided capital here with a couple of institutions recently. The Federal government did that in the '30s for the RFC and I think there could well be a proper role for government in that.
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I like to go for cinches. I like to shoot fish in a barrel. But I like to do it after the water has run out.
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One of the ironies of the stock market is the emphasis on activity. Brokers, using terms such as 'marketability' and 'liquidity,' sing the praises of companies with high share turnover... but investors should understand that what is good for the croupier is not good for the customer. A hyperactive stock market is the pick pocket of enterprise.
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You are lucky in life if you have the right heroes. I advise all of you, to the extent you can, to pick out a few heroes
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Asking for financial advice from a financial planner is like asking a barber if you need a hair cut.
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You need a lot of curiosity for a long, long time.
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We've long felt that the only value of stock forecasters is to make fortune tellers look good. Even now, Charlie and I continue to believe that short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children.
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