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You pay a very high price in the stock market for a cheery consensus.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
High
Cheery
Consensus
Stock
Price
Market
Pay

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In other words, the percentage change in book value in any given year is likely to be reasonably close to that year's change in intrinsic value.
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We've actually been pretty good on exports. I mean we are exporting 12% of our GDP now roughly.
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In earlier years, a lesser effort produced literally dozens of comparable opportunities. It is difficult to be objective about the causes for such diminution of one's own productivity. Three factors that seem apparent are: (1) a somewhat changed market environment (2) our increased size and (3) substantially more competition.
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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.
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You have to turn over a lot of rocks to find those little anomalies. You have to find the companies that are off the map - way off the map.
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It's nice to have a lot of money, but you know, you don't want to keep it around forever. I prefer buying things. Otherwise, it's a little like saving sex for your old age.
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Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life.
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Buy a business, don't rent stocks.
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Never be afraid to ask for too much when selling or offer too little when buying.
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Do not take yearly results too seriously. Instead, focus on four or five-year averages.
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I mean, you know, you're not going to change the human animal. And the human animal really doesn't get a lot smarter.
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I do not like debt and do not like to invest in companies that have too much debt, particularly long-term debt. With long-term debt, increases in interest rates can drastically affect company profits and make future cash flows less predictable.
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I never invest in anything that I don't understand.
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If you understood a business perfectly and the future of the business, you need very little in the way of a margin of safety.
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Be brave when others are afraid, and afraid when others are brave.
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We've used derivatives for many, many years. I don't think derivatives are evil, per se, I think they are dangerous.
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If book knowledge made great investors, than the librarians would all be rich.
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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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Stop trying to predict the direction of the stock market, the economy or elections.
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Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results.
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