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No formula in finance tells you that the moat is 28 feet wide and 16 feet deep. That's what drives the academics crazy. They can compute standard deviations and betas, but they can't understand moats.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
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Warren Edward Buffett
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More quotes by Warren Buffett

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My net worth is the market value of holdings less the tax payable upon sale. The liability is just as real as the asset unless the value of the asset declines (ouch), the asset is given away (no comment), or I die with it. The latter course of action would appear to at least border on a Pyrrhic victory.
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My idea of a group decision is to look in the mirror.
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Charlie and I have a number of filters that things have to get through before we'll think about them.
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I think the oversight is great, and I think that oversight ought to be devoted almost entirely to the question is this being done at market you know. In other words, you want to make sure that the government isn't investing foolishly. But you don't want to care about which congressional districts it goes to or whether banks get favored over.
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Energy deregulation will be the largest transfer of wealth in history.
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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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The trick is, when there is nothing to do, do nothing.
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If you don't make mistakes you can't make decisions.
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Forecasts usually tell us more of the forecaster than of the forecast
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We have usually made our best purchases when apprehensions about some macro event were at a peak. Fear is the foe of the faddist, but the friend of the fundamentalist.
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The much-maligned idle rich have received a bad rap: They have maintained their wealth while many There is scarcely an instance of a man who has made a fortune by speculation and kept it. Andrew Carnegie of the energetic rich, aggressive real estate operators, corporate acquirers, oil drillers, etc. have their fortunes disappear.
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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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You pay a very high price in the stock market for a cheery consensus.
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Good big decisions do not take time at all, if they do you are in trouble.
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Taking jobs to build up your resume is the same as saving up sex for old age.
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OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.
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The rest of the world really likes our stuff pretty well. It's just we buy so damn much of what they produce.
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To win, the first thing you have to do is not lose.
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We would do best in a market where everyone acted foolishly.
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The thing to do is to keep your mind when the world around you is losing theirs.
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