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Is management rational?

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Investing
Rational
Management

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Our marketable equities tell us by their operating results - not by their daily, or even yearly, price quotations - whether our investments are successful. The market may ignore business success for a while, but eventually will confirm it.
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Trust is like the air we breathe--when it's present, nobody really notices when it's absent, everybody notices.
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People who watch their weight, golf scores, and fuel bills seem to shun quantitative evaluation of their investment management skills although it involves the most important client in the world-themselves.
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We only want to link up with people whom we like, admire, and trust. ... We do not wish to join with managers who lack admirable qualities, no matter how attractive the prospects of their business. We've never succeeded in making a good deal with a bad person.
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The dominant factors affecting control valuations are earning power (past and prospective) and asset values.
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We really can say no in 10 seconds or so to 90%+ of all the things that come along simply because we have these filters.
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The key to success is emotional stability.
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Fund consultants like to require style boxes such as long-short, macro, international equities. At Berkshire our only style box is smart.
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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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With each investment you make, you should have the courage and the conviction to place at least ten per cent of your net worth in that stock
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Outstanding long-term results are produced primarily by avoiding dumb decisions, rather than by making brilliant ones.
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I always invest in companies an idiot could run, because one day one will.
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I'll take the deal, whatever you want to do.
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When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.
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