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Well, it may be all right in practice, but it will never work in theory

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Wells
Well
Right
Work
Never
Theory
Practice
May

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In the long run managements stressing accounting appearance over economic substance usually achieve little of either.
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The only question is whether you’re going to do it today or tomorrow. If you keep saying you’re going to do it tomorrow, you’ll never do it. You have to get on it today.
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Why not invest your assets in the companies you really like? As Mae West said, 'Too much of a good thing can be wonderful'.
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We don't get paid for being busy, we get paid for being right.
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Inactivity strikes us as intelligent behavior.
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In investing, just as in baseball, to put runs on the scoreboard, one must watch the playing field, not the scoreboard.
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When investing, pessimism is your friend, euphoria the enemy.
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In the end we must have people to match our principles, not the reverse.
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If you gave me $100 billion and said take away the soft drink leadership of Coca-Cola in the world, I'd give it back to you and say it can't be done.
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Our marketable equities tell us by their operating results - not by their daily, or even yearly, price quotations - whether our investments are successful. The market may ignore business success for a while, but eventually will confirm it.
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The critical investment factor is determining the intrinsic value of a business and paying a fair or bargain price.
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I like to buy things I can understand. I do a lot of research on things.
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Other guys read Playboy. I read annual reports.
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As one of my older friends says, Nostalgia just isn't what it used to be. Let's take a stab at it, anyway.
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I have pledged - to you, the rating agencies and myself - to always run Berkshire with more than ample cash. We never want to count on the kindness of strangers in order to meet tomorrow's obligations. When forced to choose, I will not trade even a night's sleep for the chance of extra profits.
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The managers at fault periodically report on the lesson they have learned from the latest disappointment. They then usually seek out future lessons.
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Making money isn't the backbone of our guiding purpose making money is the by-product of our guiding purpose. If you're doing something you love, you're more likely to put your all into it, and that generally equates to making money
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Our goal is to find an outstanding business at a sensible price, not a mediocre business at a bargain price.
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Things you like to do should be a hobby of yours, but things the world does should be a business of yours.
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How do you beat Bobby Fischer? You play him at any game but chess. I try to stay in games where I have an edge.
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