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It is madness to risk losing what you need in pursuing what you simply desire.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Madness
Losing
Risk
Simply
Desire
Need
Needs
Pursuing

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If you knew what was going to happen in the economy, you still wouldn't necessarily know what was going to happen in the stock market.
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If you can eliminate the government as a 39.6% partner, then you will be much better off.
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You are lucky in life if you have the right heroes. I advise all of you, to the extent you can, to pick out a few heroes
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Part of making good decisions in business is recognizing the poor decisions you've made and why they were poor. I've made lots of mistakes. I'm going to make more. It's the name of the game. You don't want to expect perfection in yourself. You want to strive to do your best. It's too demanding to expect perfection in yourself.
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It's better to build than to buy if you can find the right people.
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When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.
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I find that the standard of living does not go up in proportion with the cost of living. The trick in life is to do things that are fun all the time.
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If I subscribed to the efficient market theory I would still be delivering papers
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People went crazy with tulip bulbs. They went crazy with the South Sea Bubble, they went crazy internet stocks, they went crazy with the uranium stocks back when I was first getting started.
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A pin lies in wait for every bubble and when the two eventually meet, a new wave of investors learns some very old lessons.
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I don't think it would be crazy to have a model or an entity model on the Reconstruction Finance Corp.
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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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... but the important thing is that when you do find one where you really do know what you are doing, you must buy in quantity.... Charlie and I have made a dozen or so very big decisions relative to net worth, although not as big as they should have been. And in each of those, we've known that we were almost certain to be right going in.
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[Gold] gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.
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I’ve worked in an economy that rewards someone who saves the lives of others on a battlefield with a medal, rewards a great teacher with thank-you notes from parents, but rewards those who can detect the mispricing of securities with sums reaching into the billions.
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A fool and his money are soon invited everywhere.
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The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.
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I know that Congress will do the right thing.
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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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I mean, if Pearl Harbor came along, you could have said the planning was wrong by the military ahead of time or maybe the battleships shouldn't have all been in the harbor and all that kind of thing.
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