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You will be right, over the course of many transactions, if your hypotheses are correct, your facts are correct, and your reasoning is correct. True conservatism is only possible through knowledge and reason.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Facts
Conservatism
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More quotes by Warren Buffett

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I was lucky to have the right heroes. Tell me who your heroes are and I'll tell you how you'll turn out to be. The qualities of the one you admire are the traits that you, with a little practice, can make your own, and that, if practiced, will become habit forming.
Warren Buffett
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Our future rates of gain will fall far short of those achieved in the past. Berkshire's capital base is now simply too large to allow us to earn truly outsized returns. If you believe otherwise, you should consider a career in sales but avoid one in mathematics.
Warren Buffett
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Banking is very good business if you don't do anything dumb.
Warren Buffett
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I always say that in investing you want to buy stock in a company that has a business that's so good that an idiot can run it, because sooner or later one will. We have a country like that.
Warren Buffett
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I mean there is no capital requirements to it or anything of the sort. And basically, I said there were possibly financial weapons of mass destruction, and they had them. They destroyed AIG. They certainly contributed to the destruction of Bear Sterns and Lehman. Although Lehman had other problems, too.
Warren Buffett
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Stocks are the only thing that people are happy to buy when the price goes up.
Warren Buffett
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We will prosper or suffer in controlled investments in relation to the operating performances of our businesses - we will not attempt to profit by playing various games in the securities markets.
Warren Buffett
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In the great majority of cases we simply do not know enough about the industry or company to come to sensible judgments-in that situation we pass.
Warren Buffett
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We continue to make more money when snoring than when active.
Warren Buffett
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If we start deciding, based on guesses or emotions, whether we will or won't participate in a business where we should have some long run edge, we're in trouble.
Warren Buffett
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I knew a lot about what I did when I was 20. I had read a lot, and I aspired to learn everything I could about the subject.
Warren Buffett
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Americans are in a cycle of fear which leads to people not wanting to spend and not wanting to make investments, and that leads to more fear. We'll break out of it. It takes time.
Warren Buffett
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My net worth is the market value of holdings less the tax payable upon sale. The liability is just as real as the asset unless the value of the asset declines (ouch), the asset is given away (no comment), or I die with it. The latter course of action would appear to at least border on a Pyrrhic victory.
Warren Buffett
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If you want to soar like an eagle in life, you can't be flocking with the turkeys.
Warren Buffett
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Derivatives are financial weapons of mass destruction.
Warren Buffett
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[Gold] gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.
Warren Buffett
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The truth is, everything that has happened in my life... that I thought was a crushing event at the time, has turned out for the better.
Warren Buffett
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It makes a difference who the treasury secretary is.
Warren Buffett
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There's no use running if you're on the wrong road.
Warren Buffett
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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.
Warren Buffett