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The range of derivatives contracts is limited only by the imagination of man (or sometimes, so it seems, madmen). Say you want to write a contract speculating on the number of twins to be born in Nebraska in 2020. No problem-at a price, you will easily find an obliging counterparty.

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
Limited
Speculating
Write
Range
Nebraska
Seems
Price
Derivatives
Problem
Easily
Madmen
Find
Number
Contract
Sometimes
Numbers
Twins
Writing
Imagination
Contracts
Men
Born
Finance
Obliging

More quotes by Warren Buffett

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When Berkshire buys common stock, we approach the transaction as if we were buying into a private business.
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Remember that the stock market is manic-depressive.
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We don't have to be smarter than the rest. We have to be more disciplined than the rest.
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A diamond cannot be polished without friction, nor a person perfected without trials. Someone is enjoying shade today because someone planted a tree a long time ago.
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Would your reply possibly be this? Well, it all depends on what my tax rate will be on the gain you're saying we're going to make. If the taxes are too high, I would rather leave the money in my savings account, earning a quarter of 1 percent. Only in Grover Norquist's imagination does such a response exist.
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There seems to be some perverse human characteristic that likes to make easy things difficult.
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What's going to happen - things we're doing are going to have some inflationary consequences.
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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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House prices just soared beyond - beyond reason in many places and they got financed in silly ways, and people lied about loans, all kinds of accesses entered into it. But that is what - that is the single biggest cause of why we're here.
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Only when you combine sound intellect with emotional discipline do you get rational behavior.
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If you understood a business perfectly and the future of the business, you need very little in the way of a margin of safety.
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I think I could make you fifty percent a year on one million dollars. No, I know I could. I guarantee that.
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An investor should ordinarily hold a small piece of an outstanding business with the same tenacity that an owner would exhibit if he owned all of that business.
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I think the most important factor in getting out of the recession actually is just the regenerative capacity of - of American capitalism.
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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 look at everything. That's my job. I really do, every day. I think about everything.
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A public-opinion poll is no substitute for thought.
Warren Buffett
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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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Today people who hold cash equivalents feel comfortable. They shouldn't. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value.
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It's just that I landed up in a terrific capitalist system. One that pays people who allocate capital extraordinarily well. Intrinsically, I'm not worth as much as somebody who invents something that could improves people's life, or health or whatever.
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