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I don't really think that, as a society, we [americans] want to confer blessings on generation after generation who contribute nothing to society, simply because somebody in the far distant past happened to amass a great sum of wealth.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
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Nebraska
Warren Edward Buffett
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If you don't know the Jewelry, know the Jeweller
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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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We say we are trying to buy into businesses with excellent economics, run by honest and able people at a decent price. We buy very few securities, so we look at it as focused investing.
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If you don't find a way to make money while you sleep, you will work until you die.
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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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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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In a bull market, one must avoid the error of the preening duck that quacks boastfully after a torrential rainstorm, thinking that its paddling skills have caused it to rise in the world. A right-thinking duck would instead compare its position after the downpour to that of the other ducks on the pond.
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In one way, I'm sympathetic to the institutional reluctance to face the music. I'd give a lot to mark my weight to 'model' rather than to 'market.'
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The single most important decision in evaluating a business is pricing power.
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In investing, just as in baseball, to put runs on the scoreboard, one must watch the playing field, not the scoreboard.
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We will reject interesting opportunities rather than over-leverage our balance sheet.
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Ignore the stock market, ignore the economy, and buy a business you understand.
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During inflation, Goodwill is the gift that keeps on giving.
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You are neither right nor wrong because the crowd disagrees with you.
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Taking jobs to build up your resume is the same as saving up sex for old age.
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Forecasts usually tell us more of the forecaster than of the forecast
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We don't have to be smarter than the rest. We have to be more disciplined than the rest.
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Our stay-put behavior reflects our view that the stock market serves as a relocation center at which money is moved from the active to the patient.
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