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If you lose money for the firm, I will be forgiving. If you lose reputation, I will be ruthless.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Forgiving
Lose
Loses
Money
Ruthless
Firm
Reputation

More quotes by Warren Buffett

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It isn't given to man to be able to run a financial institution where different interest-rate scenarios will prevail on all of that so as to produce kind of smooth, regular earnings from a very large base to start with.
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Our system works. Over time, people will live better and better. We have a system that unleashes human potential, and now China has a system that unleashes human potential. We will have interruptions. We overshoot and undershoot sometimes, but your kids and grandkids will live better than you. Over time, we move ahead at a pretty damn rapid rate.
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I think the biggest thing we need is to unclog the credit markets, and we may need another stimulus - if we do, it's - it should go to the lower and middle-income people.
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Does the business have favourable long term prospects?
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If I taught a class, on my final exam I would take an Internet company and ask, 'How much is this company worth?' Anyone who would answer, I would flunk.
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The most common cause of low prices is pessimism - some times pervasive, some times specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It's optimism that is the enemy of the rational buyer.
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Learning how to live is much more important than learning how to make a living.
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In earlier years, a lesser effort produced literally dozens of comparable opportunities. It is difficult to be objective about the causes for such diminution of one's own productivity. Three factors that seem apparent are: (1) a somewhat changed market environment (2) our increased size and (3) substantially more competition.
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Focus on return on equity, not earnings per share.
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I think once you start putting phony figures into financial statements, you get in a lot of trouble. And we've seen so much of that in the last 20 years.
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A pin lies in wait for every bubble and when the two eventually meet, a new wave of investors learns some very old lessons.
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If we have a strength, it is in recognizing when we are operating well within our circle of competence and when we are approaching the perimeter.
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You have hedge funds and people like that buying these assets to yield 15 or 20 percent, I mean, that's the buyer for these people that are trying to unload them.
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In my view, [the trade deficit] will create political turmoil at some point...Pretty soon, I think there will be a big adjustment.
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Your premium brand had better be delivering something special, or it's not going to get the business.
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It's easier to create money than to spend it.
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Never invest in a business you can't understand
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Our approach is very much profiting from lack of change rather than from change.
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If you cannot control your emotions, you cannot control your money.
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You don't need to be an expert in order to achieve satisfactory investment returns. But if you aren't, you must recognize your limitations and follow a course certain to work reasonably well. Keep things simple and don't swing for the fences.
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