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With a wonderful business, you can figure out what will happen you can't figure out when it will happen. You don't want to focus on when, you want to focus on what. If you're right about what, you don't have to worry about when

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Business
Happens
Investing
Right
Figure
Figures
Focus
Worry
Happen
Wonderful

More quotes by Warren Buffett

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Many stock options in the corporate world have worked in exactly that fashion: they have gained in value simply because management retained earnings, not because it did well with the capital in its hands.
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We don't read other people's opinions. We want to get the facts, and then think.
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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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Either they're trying to con you or they're trying to con themselves.
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A lot of great fortunes in the world have been made by owning a single wonderful business. If you understand the business, you don't need to own very many of them.
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If you don't feel comfortable owning something for 10 years, then don't own it for 10 minutes.
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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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The (stock) market is there only as a reference point to see if anybody is offering to do anything foolish. When we invest in stocks, we invest in businesses.
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That's the reality of what they're going to sell them to the Treasury for.
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It isn't given to man to be able to run a financial institution where different interest-rate scenarios will prevail on all of that so as to produce kind of smooth, regular earnings from a very large base to start with.
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Paradoxically, when 'dumb' money acknowledges its limitations, it ceases to be dumb.
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I always knew I was going to be rich. I don't think I ever doubted it for a minute.
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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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It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.
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Our stay-put behavior reflects our view that the stock market serves as a relocation center at which money is moved from the active to the patient.
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I've never been very fully employed either.
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The stock market is a no-called-strike game. You don’t have to swing at everything – you can wait for your pitch.
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I'll tell you why I like the cigarette business. It cost a penny to make. Sell it for a dollar. It's addictive. And there's a fantastic brand loyalty.
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Interest rates are to asset prices what gravity is to the apple. When there are low interest rates, there is a very low gravitational pull on asset prices.
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Don't risk what is important to you, to get what is not important to you.
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