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The smartest side to take in a bidding war is the losing side.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Take
Bidding
Smartest
Losing
Side
Sides
War

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In our view, derivatives are financial weapons of mass destruction carrying dangers that, while latent, are potentially lethal.
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The most important investment you can make is in yourself. Very few people get anything like their potential horsepower translated into the actual horsepower of their output in life. Potential exceeds realization for many people...The best asset is your own self. You can become to an enormous degree the person you want to be.
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Banking is very good business if you don't do anything dumb.
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The secret to happiness is having low expectations.
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Never depend on a single source of income.
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It's us fun being a horse when the tractor comes along, or the blacksmith when the car comes along.
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There are all kinds of businesses that Charlie and I don't understand, but that doesn't cause us to stay up at night. It just means we go on to the next one, and that's what the individual investor should do.
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Investors have to remember: corporate profits are going up, but stocks are going up faster. How can that continue indefinitely? Investors can only earn what companies themselves can earn the government or the markets themselves don't kick anything in. How can you get anything more out of a farm than what it grows?
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I may have more money than you, but money doesn't make the difference. If there is any difference between you and me, it may simply be that I get up and have a chance to do what I love to do, every day. If you learn anything from me, this is the best advice I can give you.
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The patient that's on the floor with the cardiac arrest is not Wall Street. It's the American economy.
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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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Energy deregulation will be the largest transfer of wealth in history.
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Over the years, a number of very smart people have learned the hard way that a long string of impressive numbers multiplied by a single zero always equals zero.
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Nevertheless, as circumstances presently appear, I feel substantially greater size is more likely to harm future results than to help them. This might not be true for my own personal results, but it is likely to be true for your results.
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Diversification may preserve wealth, but concentration builds wealth.
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The big question about how people behave is whether they've got an Inner Scorecard or an Outer Scorecard. It helps if you can be satisfied with an Inner Scorecard.
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The latter qualification brings to mind a fellow who applied for a job and stated he had twenty years of experience-which was corrected by a former employer to read one year's experience-twenty times.
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When asked how he became so successful in investing, Buffett answered: 'we read hundreds and hundreds of annual reports every year.
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I think the worst mistake you can make in stocks is to buy or sell based on current headlines.
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Always invest for the long term.
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