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Credit worthiness is like virginity, it can be preserved but not restored very easily, so it is crazy to play around with it.

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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Failing conventionally is the route to go as a group, lemmings may have a rotten image, but no individual lemming has ever received bad press
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People went crazy with tulip bulbs. They went crazy with the South Sea Bubble, they went crazy internet stocks, they went crazy with the uranium stocks back when I was first getting started.
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It's better to hang out with people better than you. Pick out associates whose behavior is better than yours and you'll drift in that direction.
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Take the high road it's far less crowded.
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I happen to have a talent for allocating capital. But my ability to use that talent is completely dependent on the society I was born into. If I'd been born into a tribe of hunters, this talent of mine would be pretty worthless. I can't run very fast. I'm not particularly strong. I'd probably end up as some wild animal's dinner.
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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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It's a big mistake to try and mislead people. They will turn around.
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Is management candid with the shareholders?
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Today people who hold cash equivalents feel comfortable. They shouldn't. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value.
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Gold has two significant shortcomings, being neither of much use nor procreative.
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Exercise humility and restraint.
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I don't need 15 houses. Owning real estate doesn't mean much to me. I don't like to think about things like that. I don't need 12 boats, or even the world's largest boat with a crew of 80. I'd have to take care of them, to worry about them. I get a lot more fun out of life without all the bells and whistles.
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We've got all the ingredients for a sensational future.
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If you don't know the Jewelry, know the Jeweller
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The reaction of weak management to weak operations is often weak accounting.
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If you don't find a way to make money while you sleep, you will work until you die.
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We have provided capital here with a couple of institutions recently. The Federal government did that in the '30s for the RFC and I think there could well be a proper role for government in that.
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I don't think you can have a better secretary of the Treasury than Hank Paulson.
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A market downturn, doesn't bother us. For us and our long term investors, it is an opportunity to increase our ownership of great companies with great management at good prices. Only for short term investors and market timers is a correction not an opportunity.
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Stocks of companies selling commodity-like products should come with a warning label: Competition may prove hazardous to human wealth.
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