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Whatever you like to do, make it a hobby and whatever the world likes to do, make it a business.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Like
World
Hobby
Hobbies
Likes
Whatever
Business
Make

More quotes by Warren Buffett

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It's easier to create money than to spend it.
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You don't want 300 million Americans putting their money under the mattress.
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Managers and investors alike must understand that accounting numbers are the beginning, not the end, of business valuation.
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Like I say, I don't think it'll be done perfectly. Maybe we'll end up with a little bit better [economy] system.
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For some reason, people take their cues from price action rather than from values. What doesn't work is when you start doing things that you don't understand or because they worked last week for somebody else. The dumbest reason in the world to buy a stock is because it's going up.
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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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I have always cautioned partners that I considered three years a minimum in determining whether we were performing.
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As far as you are concerned, the stock market does not exist. Ignore it.
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We really can say no in 10 seconds or so to 90%+ of all the things that come along simply because we have these filters.
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Of the billionaires I have known, money just brings out the basic traits in them. If they were jerks before they had money, they are simply jerks with a billion dollars.
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The thing to do is to keep your mind when the world around you is losing theirs.
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We don't have to be smarter than the rest. We have to be more disciplined than the rest.
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Look for 3 things in a person. Intelligence, Energy, & Integrity. If they don't have the last one, don't even bother with the first two.
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Never risk what you have and need for what we don't have and don't need.
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All day you wait for the pitch you like then when the fielders are asleep, you step up and hit it.
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If principles can become dated, they're not principles.
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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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We need to throw the resources at this that are necessary. But like I say, we are not spending money. I mean, if we buy these assets intelligently, the United States Treasury will make money. I mean, it's borrowing money. It's just a few percent a year.
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Other guys read Playboy. I read annual reports.
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Over the years, Charlie [Munger, Berkshire Hathaway Vice Chairman] and I have observed many accounting-based frauds of staggering size. Few of the perpetrators have been punished many have not even been censured. It has been far safer to steal large sums with pen than small sums with a gun.
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