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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
Littles
Crosses
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Trying
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Certainly
Beauties
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Industry
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American
Investing
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For some reason people take their cues from price action rather than from values. Price is what you pay. Value is what you get.
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When you combine ignorance and leverage, you get some pretty interesting results.
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If a business does well, the stock eventually follows.
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Americans are in a cycle of fear which leads to people not wanting to spend and not wanting to make investments, and that leads to more fear. We'll break out of it. It takes time.
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People do, as long as you have markets, you'll have excesses.
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Returns decrease as motion increases.
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When the president of the United States goes out at, you know, 8:00 o'clock in the morning and then his own party votes gets him 2 to 1 in the house, you know that somehow a message isn't getting out. It takes real leadership.
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Too often, a vast collection of possessions ends up possessing its owner. The asset I most value, aside from health, is interesting, diverse, and long-standing friends.
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I've seen more people fail because of liquor and leverage -- leverage being borrowed money. 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.
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It is easier to rationalize than it is to be rational.
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There are certain things that cannot be adequately explained to a virgin either by words or pictures.
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I do know that when I am 60, I should be attempting to achieve different personal goals than those which had priority at age 20.
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Investing is forgoing consumption now in order to have the ability to consume more at a later date.
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The extraordinary business does not require good management.
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I'll tell you why I like the cigarette business. It cost a penny to make. Sell it for a dollar. It's addictive. And there's a fantastic brand loyalty.
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[Gold] gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.
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In a bull market, one must avoid the error of the preening duck that quacks boastfully after a torrential rainstorm, thinking that its paddling skills have caused it to rise in the world. A right-thinking duck would instead compare its position after the downpour to that of the other ducks on the pond.
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You know ... you keep doing the same things and you keep getting the same result over and over again.
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Knowing what to leave out is just as important as knowing what to focus on.
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I’ve never believed in risking what my family and friends have and need in order to pursue what they don’t have and don’t need.
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