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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.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Return
Brethren
Winning
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Greater
Passive
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Investors
Nothings
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More quotes by Warren Buffett

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I knew a lot about what I did when I was 20. I had read a lot, and I aspired to learn everything I could about the subject.
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I’ve worked in an economy that rewards someone who saves the lives of others on a battlefield with a medal, rewards a great teacher with thank-you notes from parents, but rewards those who can detect the mispricing of securities with sums reaching into the billions.
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Basically, the single-most important decision in evaluating a business is pricing power.
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I may have more money than you, but money doesn't make the difference. If there is any difference between you and me, it may simply be that I get up and have a chance to do what I love to do, every day. If you learn anything from me, this is the best advice I can give you.
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We are trading away a little bit of our country all the time for this access consumption that we have over what we've produced. That is not good. I think it's terrible over time. But our country's productive grows enough so we actually can do that, and we'll still be better off. We just don't be as well off as if we hadn't done it.
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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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I would say that life at 84, I am having as much fun as I've ever had in my life. I mean I get to do what I love every day with the people I love-and it just doesn't get any better than that.
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A prediction about the direction of the stock market tells you nothing about where stocks are headed, but a whole lot about the person doing the predicting.
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Buy stocks like you buy your groceries, not like you buy your perfume.
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I can do anything I want, basically, as long as it doesn't involve athletic ability, or something like that.
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This economy doesn't work well without the lubrication of credit and trust.
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What an investor needs is the ability to correctly evaluate selected businesses. Note that word “selected”: You don't have to be an expert on every company, or even many. You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important knowing its boundaries, however, is vital.
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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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The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.
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The managers at fault periodically report on the lesson they have learned from the latest disappointment. They then usually seek out future lessons.
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The ability to say no is a tremendous advantage for an investor.
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What's hot today isn't likely to be hot tomorrow. The stock market reverts to fundamental returns over the long run. Don't follow the herd.
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Investment decision should be made on the basis of the most probable compounding of after-tax net worth with minimum risk.
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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.
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