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I have worked with investors for 60 years and I have yet to see anyone - not even when capital gains rates were 39.9 percent in 1976-77 - shy away from a sensible investment because of the tax rate on the potential gain.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
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Well, it may be all right in practice, but it will never work in theory
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Never risk what you have and need for what we don't have and don't need.
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I like to buy things I can understand. I do a lot of research on things.
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Ignore the stock market, ignore the economy, and buy a business you understand.
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The smarter the journalists are, the better off society is.
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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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Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.
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Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life.
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In the end, alchemy, whether it is metallurgical or financial, fails. A base business can not be transformed into a golden business by tricks of accounting or capital structure. The man claiming to be a financial alchemist may become rich. But gullible investors rather than business achievements will usually be the source of his wealth.
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Too often, a vast collection of possessions ends up possessing its owner. The asset I most value, aside from health, is interesting, diverse, and long-standing friends.
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To win, the first thing you have to do is not lose.
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Investing requires qualities of temperament way more than it requires qualities of intellect.
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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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Be fearful when there is greed and be greedy when there is fear.
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The smarter the journalists are, the better off society is. For to a degree, people read the press to inform themselves - and the better the teacher, the better the student body.
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If I subscribed to the efficient market theory I would still be delivering papers
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I have pledged - to you, the rating agencies and myself - to always run Berkshire with more than ample cash. We never want to count on the kindness of strangers in order to meet tomorrow's obligations. When forced to choose, I will not trade even a night's sleep for the chance of extra profits.
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I mean, you know, you're not going to change the human animal. And the human animal really doesn't get a lot smarter.
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