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Energy deregulation will be the largest transfer of wealth in history.
Warren Buffett
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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Transfer
Transfers
Largest
Wealth
Energy
History
Deregulation
More quotes by Warren Buffett
Working with people who cause your stomach to churn seems much like marrying for money - probably a bad idea under any circumstances, but absolute madness if you are already rich.
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You don't ever ask a barber whether you need a haircut.
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You should invest like a Catholic marries: for life.
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It is not necessary to do extraordinary things to get extraordinary results.
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I would push purchasing power - you push out $1,000 of purchasing to those people, it's going to get - it's going to get spent. And it needs to be spent. They need it. And it should come, to some extent, from guys like me.
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Focus on return on equity, not earnings per share.
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The banking business is no favorite of ours. When assets are twenty times equity - a common ratio in this industry - mistakes that involve only a small portion of assets can destroy a major portion of equity. And mistakes have been the rule rather than the exception at many major banks.
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My net worth is the market value of holdings less the tax payable upon sale. The liability is just as real as the asset unless the value of the asset declines (ouch), the asset is given away (no comment), or I die with it. The latter course of action would appear to at least border on a Pyrrhic victory.
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The financial calculus that Charlie and I employ would never permit our trading a good night's sleep for a shot at a few extra percentage points of return. I've never believed in risking what my friends and family have and need in order to pursue what they don't have and don't need.
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I have always cautioned partners that I considered three years a minimum in determining whether we were performing.
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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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We can afford to lose money - even a lot of money. But we can't afford to lose reputation - even a shred of reputation.
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We don't get paid for being busy, we get paid for being right.
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Always associate yourself with people who are better than you.
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I just think that - when a country needs more income and we do, we're only taking in 15 percent of GDP, I mean, that - that - when a country needs more income, they should get it from the people that have it.
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The fact that people will be full of greed, fear, or folly is predictable. The sequence is not predictable.
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