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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
Take
Probability
Trying
Imperfect
Gain
Gains
Loss
Amount
Possible
Times
More quotes by Warren Buffett
I buy expensive suits - they just look cheap on me.
Warren Buffett
Buy into a company because you want to own it, not because you want the stock to go up.
Warren Buffett
Investors... can't pick stocks that are better than average. Stocks are a good thing to own over time. There's only two things you can do wrong: You can buy the wrong ones, and you can buy or sell them at the wrong time. And the truth is you never need to sell them.
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The same things happen to quite an extent around the globe. I mean, the European banks were doing what the American banks were.
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We set no volume goals in our insurance business generally-and certainly not in reinsurance-as virtually any volume can be achieved if profitability standards are ignored.
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I asked him what he wanted to do for his career, and he replied that he wanted to go into a particular field, but thought he should work for McKinsey for a few years first to add to his resume. To me that's like saving sex for your old age. It makes no sense.
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If you owe money, you can't pay them out. You just pay for everything, you do smart things, you eventually get very rich.
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Never do anything in life if you would be ashamed of seeing it printed on the front page of your hometown newspaper for your friends and family to see.
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If we have a strength, it is in recognizing when we are operating well within our circle of competence and when we are approaching the perimeter.
Warren Buffett
You really don't need leverage in this world much. If you're smart, you're going to make a lot of money without borrowing. I've never borrowed a significant amount of money in my life. Never. Never will. I've got no interest in it.
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Too often, a vast collection of possessions ends up possessing its owner.
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Invest in as much of yourself as you can, you are your own biggest asset by far.
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If you don't find a way to make money while you sleep, you will work until you die.
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We don't read other people's opinions. We want to get the facts, and then think.
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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
Investing is the greatest business in the world because you never have to swing. You stand at the plate the pitcher throws you General Motors at 47! U.S. Steel at 39! And nobody calls a strike on you. There's no penalty except opportunity. All day you wait for the pitch you like then, when the fielders are asleep, you step up and hit it.
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I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business.
Warren Buffett
Knowing what to leave out is just as important as knowing what to focus on.
Warren Buffett
I make plenty of mistakes and I'll make plenty more mistakes, too. That's part of the game. You've just got to make sure that the right things overcome the wrong ones.
Warren Buffett
I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.
Warren Buffett
