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Take the probability of loss times the amount of possible loss from the probability of gain times the amount of possible gain. That is what we're trying to do. It's imperfect, but that's what it's all about.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Gains
Loss
Amount
Possible
Times
Take
Probability
Trying
Imperfect
Gain

More quotes by Warren Buffett

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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.
Warren Buffett
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If I got any good ideas out of that or I think they're good ideas, I'll be glad to contribute them but the system will probably overdo some other things.
Warren Buffett
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I am quite serious when I say that I do not believe there are, on the whole earth besides, so many intensified bores as in these United States. No man can form an adequate idea of the real meaning of the word, without coming here.
Warren Buffett
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If you own the only newspaper in town, up until the last five years or so, you have pricing power and you didn't have to go to the office.
Warren Buffett
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It is better to point out your own mistakes than have somebody else do it.
Warren Buffett
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... it's important to have the right monetary policy. It's important for, to have the right fiscal policy. But it's nowhere near as important as just the normal regenerative capacity of American capitalism.
Warren Buffett
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Remember that the stock market is manic-depressive.
Warren Buffett
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It's got to be the best intellectual exercise out there. You're seeing through new situations every ten minutes. In the stock market you don't base your decisions on what the market is doing, but on what you think is rational. Bridge is about weighing gain/loss ratios. You're doing calculations all the time.
Warren Buffett
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The best thing that happens to us is when a great company gets into temporary trouble...We want to buy them when they're on the operating table.
Warren Buffett
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So some guy may know how to make money in cocoa beans, but I don't so I just let him have that. But it's got to be something I understand. It's got to be a business with fundamentally good economics. It's got to be a management that I like and trust and admire. And it's got to be a price that makes sense.
Warren Buffett
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Nevertheless, as circumstances presently appear, I feel substantially greater size is more likely to harm future results than to help them. This might not be true for my own personal results, but it is likely to be true for your results.
Warren Buffett
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There is no substitute for a local newspaper that is doing its job.
Warren Buffett
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Take the high road it's far less crowded.
Warren Buffett
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If you cannot control your emotions, you cannot control your money.
Warren Buffett
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If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes. Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio's market value.
Warren Buffett
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If you're in a card game and you can't figure out who the patsy is, you're it.
Warren Buffett
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Do what you would do for free, having passion for what you do is the most important thing.
Warren Buffett
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Money is not everything. Make sure you earn a lot before speaking such nonsense.
Warren Buffett
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It's a lot easier to buy things than it is to sell them.
Warren Buffett
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We enjoy the process far more than the proceeds.
Warren Buffett