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The stock market is a wonderfully efficient mechanism for transferring wealth from the impatient to the patient.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Mechanism
Stock
Efficient
Patient
Market
Wealth
Transferring
Wonderfully
Impatient

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I sent one e-mail in my life. I sent it to Jeff Raikes at Microsoft, and it ended up in court in Minneapolis, so I am one for one.
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Investing requires qualities of temperament way more than it requires qualities of intellect.
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Like most trends, at the beginning it's driven by fundamentals, at some point speculation takes over. What the wise man does in the beginning, the fool does in the end.
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Intensity is the price of excellence.
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If knowing history made you rich, librarians would be billionaires.
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My job is essentially just corralling more and more and more facts and information, and occasionally seeing whether that leads to some action.
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I don't read economic forecasts. I don't read the funny papers.
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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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The fundamental basis of above-average performance in the long run is sustainable competitive advantage.
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My net worth is the market value of holdings less the tax payable upon sale. The liability is just as real as the asset unless the value of the asset declines (ouch), the asset is given away (no comment), or I die with it. The latter course of action would appear to at least border on a Pyrrhic victory.
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We've got all the ingredients for a sensational future.
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I think any time you couple the term Wall Street with bailout or something like that, you know - I don't like what's going on in Wall Street.
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They say the chains of habit are too light to be felt until they are too heavy to be broken. The chains you put around yourself now have enormous consequences as you go through life.
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We do not view the company itself as the ultimate owner of our business assets but instead view the company as a conduit through which our shareholders own assets.
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It makes a difference who the treasury secretary is.
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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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Anyone who believes a growth rate in excess of 15% per annum over the long term is attainable should pursue a career in sales, but avoid one in mathematics.
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John Maynard Keynes essentially said, don't try and figure out what the market is doing. Figure out a business you understand, and concentrate.
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The financial calculus that Charlie and I employ would never permit our trading a good night's sleep for a shot at a few extra percentage points of return. I've never believed in risking what my friends and family have and need in order to pursue what they don't have and don't need.
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