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I have an 800 freephone number now that I call if I get the urge to buy an airline stock. I call at two in the morning and I say: My name is Warren and I'm an aeroholic. And then they talk me down.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
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More quotes by Warren Buffett

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There is no staff. I make all the investment decisions and I do all my own analysis.
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The critical investment factor is determining the intrinsic value of a business and paying a fair or bargain price.
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I mean there is no capital requirements to it or anything of the sort. And basically, I said there were possibly financial weapons of mass destruction, and they had them. They destroyed AIG. They certainly contributed to the destruction of Bear Sterns and Lehman. Although Lehman had other problems, too.
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Anything can happen in stock markets and you ought to conduct your affairs so that if the most extraordinary events happen, that you're still around to play the next day.
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I am not in the business of predicting general stock market of business fluctuations. If you think I can do this, or think it is essential to an investment program, you should not be in the partnership.
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Wild swings in share prices have more to do with the lemming- like behaviour of institutional investors than with the aggregate returns of the company they own.
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Uncertainty is the friend of the buyer of long term values.
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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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Investing is laying out money now to get more money back in the future.
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Too often, a vast collection of possessions ends up possessing its owner.
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The capital gains tax is 15 percent now. So I sit there in my office and I make a lot of money by capital gains, and I pay 15 percent, and I pay no payroll tax on it.
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Resolution Trust Company was set up to liquidate a bunch of assets that the government had inherited because the savings and loans went broke.
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It's just that right now the athlete's on the floor. But we - this is a super athlete.
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Risk comes from not knowing what you are doing so wide diversification is only required when investors are ignorant. You only have to do a very few things in your life so long as you don't do too many things wrong.
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Never invest in a business you can't understand
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Cultivate curiosity and strive to become a little wiser every day.
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Someone's sitting in the shade today because someone planted a tree a long time ago. The person sitting in the shade now should be grateful for the person who planted and tended that tree. That includes all those benefactors of humanity throughout history that created, invented, financed, produced, maintained and improved all that we enjoy today.
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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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Equities will do well over time - you just have to avoid getting excited when other people are getting excited.
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