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Risk comes from not knowing what you are doing so wide diversification is only required when investors are ignorant. You only have to do a very few things in your life so long as you don't do too many things wrong.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Risk
Knowing
Diversification
Wrong
Buffets
Comes
Investors
Many
Required
Long
Investing
Things
Ignorant
Life
Wide

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I think any time you couple the term Wall Street with bailout or something like that, you know - I don't like what's going on in Wall Street.
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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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We still find very few [stocks] that even mildly interest us. That dismal fact is testimony to the insanity of valuations reached during The Great Bubble. Unfortunately, the hangover may prove to be proportional to the binge.
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Successful Investing takes time, discipline and patience. No matter how great the talent or effort, some things just take time: You can't produce a baby in one month by getting nine women pregnant.
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When they get their ego involved, people do things they shouldn't do.
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The rich are always going to say that, you know, just give us more money and we'll go out and spend more and then it will all trickle down to the rest of you. But that has not worked the last 10 years, and I hope the American public is catching on.
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I believe the chance of any event causing Berkshire to experience financial problems is essentially zero. We will always be prepared for the thousand-year flood in fact, if it occurswe will be selling life jackets to the unprepared.
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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.
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Working with people who cause your stomach to churn seems much like marrying for money - probably a bad idea under any circumstances, but absolute madness if you are already rich.
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I did not think I would see the day when, you know, an AIG would not be able to have its checks clear.
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It is more important to say no to an opportunity, than to say yes.
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In the long run managements stressing accounting appearance over economic substance usually achieve little of either.
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An IPO is like a negotiated transaction - the seller chooses when to come public - and it's unlikely to be a time that's favourable to you.
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I view derivatives as time bombs, both for the parties that deal in them and the economic system.
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I would say the biggest single cause was we had an incredible residential real estate bubble.
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If you have a harem of 40 women, you never get to know any of them very well.
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I always invest in companies an idiot could run, because one day one will.
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It's never paid to bet against America. We come through things, but its not always a smooth ride.
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If you gave me the choice of being CEO of General Electric or IBM or General Motors, you name it, or delivering papers, I would deliver papers. I would. I enjoyed doing that. I can think about what I want to think. I don't have to do anything I don't want to do.
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The greatest investment a young person can make is in their own education, in their own mind. Because money comes and goes. Relationships come and go. But what you learn once stays with you forever.
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