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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
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Omaha
Nebraska
Warren Edward Buffett
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You only have to do a very few things right in your life so long as you don't do too many things wrong.
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Failure comes from ego, greed, envy, fear, imitation. I have success not because I am smart, but because I am rational.
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Never depend on a single source of income.
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If you invested in a very low cost index fund - where you don't put the money in at one time, but average in over 10 years -you'll do better than 90% of people who start investing at the same time.
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If you were at Lehman, the same thing happened. If you were at AIG, the shareholders are getting creamed on these things. And those shareholders are not just a bunch of big shots in Wall Street. Those are pension funds, and those are investors all over the country. I wouldn't worry too much about that. Justice won't be perfect on it.
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It's easy to identify many investment managers with great recent records. But past results, though important, do not suffice when prospective performance is being judged. How the record has been achieved is crucial.
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Wild swings in share prices have more to do with the lemming- like behaviour of institutional investors than with the aggregate returns of the company they own.
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The capital gains tax is 15 percent now. So I sit there in my office and I make a lot of money by capital gains, and I pay 15 percent, and I pay no payroll tax on it.
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I lose confidence in other people, all kinds of institutions.
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It is better to point out your own mistakes than have somebody else do it.
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Remember that the stock market is manic-depressive.
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You have to turn over a lot of rocks to find those little anomalies. You have to find the companies that are off the map - way off the map.
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I would say that an RFC-like thing might make sense. I probably would do it myself. But I don't think trying to combine that with what's going through now, I think what is needed now is liquidity.
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An investor will succeed by coupling good business judgment with an ability to insulate his thoughts and behavior from the super-contagious emotions that swirl about the marketplace.
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In the great majority of cases we simply do not know enough about the industry or company to come to sensible judgments-in that situation we pass.
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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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You can't produce a baby in one month by getting nine women pregnant.
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Why not invest your assets in the companies you really like? As Mae West said, 'Too much of a good thing can be wonderful'.
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We're perfectly willing to trade away a big payoff for a certain payoff.
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I made my first investment at age eleven. I was wasting my life up until then.
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