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Do not take yearly results too seriously. Instead, focus on four or five-year averages.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Years
Average
Instead
Focus
Results
Four
Yearly
Year
Averages
Five
Investing
Take
Seriously

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There is nothing like writing to force you to think and get your thoughts straight.
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In other words, the percentage change in book value in any given year is likely to be reasonably close to that year's change in intrinsic value.
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With a wonderful business, you can figure out what will happen you can't figure out when it will happen. You don't want to focus on when, you want to focus on what. If you're right about what, you don't have to worry about when
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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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We all make mistakes. If you can't make mistakes, you can't make decisions. I've made a lot bigger mistakes myself.
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We don't get paid for being busy, we get paid for being right.
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That which is not worth doing at all is not worth doing well.
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AIG would be doing fine today. It was one of the ten largest companies in the United States in terms of market value, over 200 billion, the most respected insurer and everything in the world.
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I’ve never believed in risking what my family and friends have and need in order to pursue what they don’t have and don’t need.
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You’d get very rich if you thought of yourself as having a card with only twenty punches in a lifetime, and every financial decision used up one punch. You’d resist the temptation to dabble. You’d make more good decisions and you’d make more big decisions.
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As an investor with small capital, one should prefer businesses that have high returns on capital and that require little incremental investment to grow.
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The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.
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