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If I taught a class, on my final exam I would take an Internet company and ask, 'How much is this company worth?' Anyone who would answer, I would flunk.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Taught
Flunk
Company
Exam
Class
Final
Asks
Finals
Anyone
Answer
Take
Internet
Much
Worth
Would
Answers

More quotes by Warren Buffett

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Gold has two significant shortcomings, being neither of much use nor procreative.
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It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
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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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The most important quality for an investor is temperament, not intellect.
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What an investor needs is the ability to correctly evaluate selected businesses. Note that word “selected”: You don't have to be an expert on every company, or even many. You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important knowing its boundaries, however, is vital.
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Goldman Sachs saying they might be interested in such an investment. I'm familiar with the company. I've known the management, the current management, Jack Welch before Jeff Immelt. I've known him for decades.
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I think you'll have plenty of scrutiny as how the money's invested. I mean, just like the RFC. When the RFC operated, people knew which institutions they were buying preferred stock in. And it worked very well.
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You should invest in a business that even a fool can run, because someday a fool will.
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I bought a company in the mid-90s called Dexter Shoe and paid $400 million for it. And it went to zero. And I gave about $400 million worth of Berkshire stock, which is probably now worth $400 billion. But I've made lots of dumb decisions. That's part of the game.
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It's going to be tough because the economy is going to be getting worse for a while. And it might fall off a cliff if this doesn't pass. But nobody will ever know that if it does.
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Over the years, a number of very smart people have learned the hard way that a long string of impressive numbers multiplied by a single zero always equals zero.
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It's easier to create money than to spend it.
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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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Would your reply possibly be this? Well, it all depends on what my tax rate will be on the gain you're saying we're going to make. If the taxes are too high, I would rather leave the money in my savings account, earning a quarter of 1 percent. Only in Grover Norquist's imagination does such a response exist.
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Nothing sedates rationality like large doses of effortless money.
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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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If you buy the things you don't need, you will soon be selling the things that you need.
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The Happiest people DO NOT necessarily have the BEST THINGS. They simply APPRECIATE the things they have.
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I'm always interested in understanding the math of things and understanding as much as I can about all aspects of business. And what I learn today may be useful to me two years from now. That's really the wonderful thing about investments is your knowledge is cumulative.
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I can't promise results, but I can promise a common destiny.
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