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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
Things
Ignorant
Life
Wide
Risk
Knowing
Diversification
Wrong
Buffets
Comes
Investors
Many
Required
Long
Investing

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I like to buy things I can understand. I do a lot of research on things.
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Good profits simply are not inconsistent with good behavior.
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The Noah rule: Predicting rain doesn't count building arks does.
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If, when making a stock investment, you're not considering holding it at least ten years, don't waste more than ten minutes considering it.
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The only time to buy these is on a day with no 'y' in it.
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When Berkshire buys common stock, we approach the transaction as if we were buying into a private business.
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Investment must be rational if you can't understand it, don't do it.
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I have an 800 freephone number now that I call if I get the urge to buy an airline stock. I call at two in the morning and I say: My name is Warren and I'm an aeroholic. And then they talk me down.
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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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No formula in finance tells you that the moat is 28 feet wide and 16 feet deep. That's what drives the academics crazy. They can compute standard deviations and betas, but they can't understand moats.
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Confidence is key. You're not going to put your money - you're not going to leave your money with me unless you're confident I'm going to give it back to you.
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The stockmarket is a semi-psychotic creature given to extremes of elation and despair.
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The woman that comes in, takes the wastebasket away, she's paying 15.3 or whatever it is on payroll tax alone. I mean it is - I never had it so good.
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I've made money over the years by buying into good companies, run by good people, at attractive prices. And I don't try and make it out of buying into the market at one point and selling at another point.
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The secret to happiness is having low expectations.
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I think people - what people want to do is make [economy] get worse.
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All but a few of the organizations do not specifically promise to deliver superior investment performance although it is perhaps not unreasonable for the public to draw such an inference from their advertised emphasis on professional management.
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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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