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When I take a look at a company's annual report, if I don't understand it, they don't want me to understand it.

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
Annuals
Annual
Report
Reports
Company
Understand
Look
Looks

More quotes by Warren Buffett

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If you don't know jewelry, know the jeweler.
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If I subscribed to the efficient market theory I would still be delivering papers
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Observing that the market was FREQUENTLY efficient, EMT Adherents went on to conclude incorrectly that it was ALWAYS efficient. The difference between these propositions is night and day.
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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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People do, as long as you have markets, you'll have excesses.
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You’ve gotta keep control of your time, and you can’t unless you say no. You can’t let people set your agenda in life.
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The future is never clear you pay a very high price in the stock market for a cheery consensus. Uncertainty actually is the friend of the buyer of long-term values.
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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: First, many in Wall Street (a community in which quality control is not prized) will sell investors anything they will buy. Second, speculation is most dangerous when it looks easiest.
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The speed at which a business success is recognized, furthermore, is not that important as long as the company's intrinsic value is increasing at a satisfactory rate. In fact, delayed recognition can be an advantage: It may give us the chance to buy more of a good thing at a bargain price.
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What we really want to do is buy businesses that we would be happy to own forever.
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We've long felt that the only value of stock forecasters is to make fortune tellers look good. Even now, Charlie and I continue to believe that short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children.
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America should stand for more than just wealth.
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So smile when you read a headline that says Investors lose as market falls. Edit it in your mind to Disinvestors lose as market falls-but investors gain. Though writers often forget this truism, there is a buyer for every seller and what hurts one necessarily helps the other. (As they say in golf matches: Every putt makes someone happy.
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If we start deciding, based on guesses or emotions, whether we will or won't participate in a business where we should have some long run edge, we're in trouble.
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I mean, you know, you're not going to change the human animal. And the human animal really doesn't get a lot smarter.
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I certainly do believe anyone engaged in the management of money should have a standard of measurement, and that both he and the party whose money is managed should have a clear understanding why it is the appropriate standard, what time period should be utilized, etc.
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The active investors will have their returns diminished by a far greater percentage than will their inactive brethren. That means that the passive group - the know-nothings - must win.
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A single year's performance is of minor importance and, good or bad, should never be taken seriously.
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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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Banking is very good business if you don't do anything dumb.
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