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Buy a cross section of American industry, and if a cross section of American industry doesn't work, certainly trying to pick the little beauties here and there isn't going to work either.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Trying
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Certainly
Beauties
Work
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American
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The single most important decision in evaluating a business is pricing power.
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Look for 3 things in a person. Intelligence, Energy, & Integrity. If they don't have the last one, don't even bother with the first two.
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It will be good for us in the long run, and I mean there are, you know, six and a half billion people in this world. And it's great for 300 million to keep enjoying more and more property, but I think it's terrific if, you know, the remainder do.
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Only when you combine sound intellect with emotional discipline do you get rational behavior.
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Focus alone is not enough putting in the time to commit is also crucial to achieve success.
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I read annual reports of the company I'm looking at and I read the annual reports of the competitors - that is the main source of material.
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I would rather sustain the penalties resulting from over-conservatism than face the consequences of error, perhaps with permanent capital loss, resulting from the adoption of New Era philosophy where trees really do grow to the sky.
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Like I say, I don't think it'll be done perfectly. Maybe we'll end up with a little bit better [economy] system.
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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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The power of unconditional love. I mean, there is no power on earth like unconditional love.
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Only when the tide goes out do you discover who's been swimming naked.
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The fundamental basis of above-average performance in the long run is sustainable competitive advantage.
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To win, the first thing you have to do is not lose.
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Do what you love and work for whom you admire the most, and you've given yourself the best chance in life you can.
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Let blockheads read what blockheads wrote.
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I have never been able to understand why the tax comes as such a body blow to many people since the rate on long-term capital gain is lower than on most likes of endeavor (tax policy indicated digging ditches is regarded as socially less desirable than shuffling stock certificates).
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We've seen what can be accomplished when we use 50% of our human capacity. If you visualize what 100% can do, you'll join me as an unbridled optimist about America's future.
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I sent one e-mail in my life. I sent it to Jeff Raikes at Microsoft, and it ended up in court in Minneapolis, so I am one for one.
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I mean, if Pearl Harbor came along, you could have said the planning was wrong by the military ahead of time or maybe the battleships shouldn't have all been in the harbor and all that kind of thing.
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It's better to hang out with people better than you. Pick out associates whose behavior is better than yours and you'll drift in that direction.
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