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As an investor with small capital, one should prefer businesses that have high returns on capital and that require little incremental investment to grow.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Small
Businesses
High
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Littles
Capital
Little
Prefer
Investment
Incremental
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Grow
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Grows
Investors

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No formula in finance tells you that the moat is 28 feet wide and 16 feet deep. That's what drives the academics crazy. They can compute standard deviations and betas, but they can't understand moats.
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Only when you combine sound intellect with emotional discipline do you get rational behavior.
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The good thing is, we have household formation in this country.
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Time is your friend, impulse is your enemy. Take advantage of compound interest and don't be captivated by the siren song of the market.
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Diversification is protection against ignorance. It makes little sense if you know what you are doing.
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Gold is a way of going long on fear, and it has been a pretty good way of going long on fear from time to time. But you really have to hope people become more afraid in a year or two years than they are now. And if they become more afraid you make money, if they become less afraid you lose money, but the gold itself doesn’t produce anything.
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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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If you buy the things you don't need, you will soon be selling the things that you need.
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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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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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Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices.
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I mean, you can explain the fact that these are depressed prices, you know. We think these assets are going to be worth a lot more. And I think that case can be made in certain situations. But I think to just say, you know, we're going to say a dollar of cash is worth $2 all of a sudden, it isn't worth $2. It's worth a dollar today.
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I've made money over the years by buying into good companies, run by good people, at attractive prices. And I don't try and make it out of buying into the market at one point and selling at another point.
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Knowing what to leave out is just as important as knowing what to focus on.
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I really like my life. I've arranged my life so that I can do what I want.
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Good profits simply are not inconsistent with good behavior.
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I certainly do believe anyone engaged in the management of money should have a standard of measurement, and that both he and the party whose money is managed should have a clear understanding why it is the appropriate standard, what time period should be utilized, etc.
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I was lucky enough to be born in a time and place where society values my talent, and gave me a good education to develop that talent, and set up the laws and the finanical system to let me do what I love doing-and make a lot of money doing it. The least I can do is help pay for all that.
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We have usually made our best purchases when apprehensions about some macro event were at a peak. Fear is the foe of the faddist, but the friend of the fundamentalist.
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They [Goverment] take from the woman who comes in and takes the wastebaskets out.
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