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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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Derivatives are financial weapons of mass destruction.
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There are three kinds of people: 1. Innovators. 2. Imitators. 3. Idiots.
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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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I was lucky to have the right heroes. Tell me who your heroes are and I'll tell you how you'll turn out to be. The qualities of the one you admire are the traits that you, with a little practice, can make your own, and that, if practiced, will become habit forming.
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I think that both parties should declare the debt limit as a political weapon of mass destruction which can't be used. I mean, it is silly to have a country that has 237 years building up its reputation and then have people threaten to tear it down because they're not getting some other matter.
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Only when the tide goes out do you discover who's been swimming naked.
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The important thing is to keep playing, to play against weak opponents and to play for big stakes.
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Managers that always promise to 'make the numbers' will at some point be tempted to make up the numbers.
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