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I always say that in investing you want to buy stock in a company that has a business that's so good that an idiot can run it, because sooner or later one will. We have a country like that.
Warren Buffett
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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
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Investor
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Omaha
Nebraska
Warren Edward Buffett
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More quotes by Warren Buffett
A CEO's behavior has a huge impact on managers down the line.
Warren Buffett
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 gross profits in many workouts appear quite small. It's a little like looking for parking meters with some time left on them. However, the predictability coupled with a short holding period produces quite decent average annual rates of return after allowance for the occasional substantial loss.
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You don't want 300 million Americans putting their money under the mattress.
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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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Managers and investors alike must understand that accounting numbers are the beginning, not the end, of business valuation.
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You will be right, over the course of many transactions, if your hypotheses are correct, your facts are correct, and your reasoning is correct. True conservatism is only possible through knowledge and reason.
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It’s not that I want money. It’s the fun of making money and watching it grow.
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When you build a bridge, you insist that it can carry 30,000 pounds, but you only drive 10,000-pound trucks across it. And that same principle works in investing.
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Lethargy bordering on sloth remains the cornerstone of our investment style. The exception was Wells Fargo, a superbly-managed, high-return banking operation in which we increased our ownership to just under 10%, the most we can own without the approval of the Federal Reserve Board.
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I view derivatives as time bombs, both for the parties that deal in them and the economic system.
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I think you should read everything you can. In my case, by the age of 10, I'd read every book in the Omaha public library about investing, some twice. You need to fill your mind with various competing thoughts and decide which make sense.
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Intensity is the price of excellence.
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With housing it's something even more dramatic than that, because most people aspire to own their own home.If you really think that houses prices are going to go up next year and the year after, you feel if I don't buy it this year, I'm going to have to buy it next year.That's not true of an Internet stock. But it's true of a home.
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You have to be able to communicate in life and probably schools underemphasize that. If you can't talk to people or write, you're giving up your potential.
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Always associate yourself with people who are better than you.
Warren Buffett
This country is going - be living better ten years from now than it is now. It will be living better in 20 years from now than ten years from now. The ingredients that made this country, you know, the miracle of the world - I mean we had a seven for one improvement in the average American standard of living in the 20th century.
Warren Buffett
I think people - what people want to do is make [economy] get worse.
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There is no perfect mathematical formula for pricing a business.
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It is better to point out your own mistakes than have somebody else do it.
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