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Consciously paying more for a stock than its calculated value - in the hope that it can soon be sold for a still-higher price - should be labelled speculation

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Soon
Labelled
Value
Calculated
Higher
Consciously
Values
Speculation
Hope
Sold
Stills
Stock
Still
Paying
Price

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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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I have worked with investors for 60 years and I have yet to see anyone - not even when capital gains rates were 39.9 percent in 1976-77 - shy away from a sensible investment because of the tax rate on the potential gain.
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If I got a chance to take one percent of the deal either way, I would make that bet.
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Never test the depth of river with both the feet.
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My friends and I have been coddled long enough by a billionaire-friendly Congress.
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I would push purchasing power - you push out $1,000 of purchasing to those people, it's going to get - it's going to get spent. And it needs to be spent. They need it. And it should come, to some extent, from guys like me.
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By periodically investing in an index fund, the know-nothing investors can actually outperform most investment professionals.
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It's good to learn from your mistakes. It's better to learn from other people's mistakes.
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It takes 150 years to build an investment bank and only five minutes to convince you to sell me preferred stock in it at a 10% interest rate.
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If you invested in a very low cost index fund - where you don't put the money in at one time, but average in over 10 years -you'll do better than 90% of people who start investing at the same time.
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The (stock) market is there only as a reference point to see if anybody is offering to do anything foolish. When we invest in stocks, we invest in businesses.
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Inflation could be a very - is a likely consequence out of what's going on now.
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Would you rather be the world's greatest lover, but have everyone think you're the world's worst lover? Or would you rather be the world's worst lover but have everyone think you're the world's greatest lover? Now, that's an interesting question.
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We enjoy the process far more than the proceeds.
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You should be unconcerned about short-term price action when you own the securities directly, just as you were unconcerned when you owned them indirectly through BPL. I think about them as businesses, not stocks, and if the business does all right over the long term, so will the stock.
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As one of my older friends says, Nostalgia just isn't what it used to be. Let's take a stab at it, anyway.
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You can lose leverage, and it's the only way a smart guy can go broke.
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