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It's easy to identify many investment managers with great recent records. But past results, though important, do not suffice when prospective performance is being judged. How the record has been achieved is crucial.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Results
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Easy
Managers
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Prospective
Many
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More quotes by Warren Buffett

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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.
Warren Buffett
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With a wonderful business, you can figure out what will happen you can't figure out when it will happen. You don't want to focus on when, you want to focus on what. If you're right about what, you don't have to worry about when
Warren Buffett
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Read 500 pages every day. That's how knowledge works. It builds up like compound interest.
Warren Buffett
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We also believe candour benefits us as managers. The CEO who misleads often in public eventually misleads himself in private.
Warren Buffett
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With enough insider information and a million dollars, you can go broke in a year.
Warren Buffett
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I tell college students, when you get to be my age you will be successful if the people who you hope to have love you, do love you.
Warren Buffett
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If the world couldn't see your results, would you rather be thought of as the world's greatest investor but in reality have the world's worst record? Or be thought of as the world's worst investor when you were actually the best?
Warren Buffett
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If you have more than 120 or 130 I.Q. points, you can afford to give the rest away. You don't need extraordinary intelligence to succeed as an investor.
Warren Buffett
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If you can eliminate the government as a 39.6% partner, then you will be much better off.
Warren Buffett
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I would rather sustain the penalties resulting from over-conservatism than face the consequences of error, perhaps with permanent capital loss, resulting from the adoption of New Era philosophy where trees really do grow to the sky.
Warren Buffett
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You have to understand accounting and you have to understand the nuances of accounting. It's the language of business and it's an imperfect language, but unless you are willing to put in the effort to learn accounting - how to read and interpret financial statements - you really shouldn't select stocks yourself
Warren Buffett
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I want to be able to explain my mistakes. This means I do only the things I completely understand.
Warren Buffett
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We like to buy businesses, but we don't like to sell them.
Warren Buffett
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The one piece of advice I can give you is, do what turns you on. Do something that if you had all the money in the world, you’d still be doing it. You’ve got to have a reason to jump out of bed in the morning.
Warren Buffett
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The truth is that I've got all my net worth safely in Berkshire and I will never sell a share so there is no one more concerned about what happens after my death than I am.
Warren Buffett
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I don't like what's going on with the executive compensation.
Warren Buffett
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The great personal fortunes in the country weren't built on a portfolio of fifty companies. They were built by someone who identified one wonderful business. With each investment you make, you should have the courage and the conviction to place at least 10% of your net worth in that stock.
Warren Buffett
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Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices.
Warren Buffett
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You are lucky in life if you have the right heroes. I advise all of you, to the extent you can, to pick out a few heroes
Warren Buffett
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If you gave me $100 billion and said take away the soft drink leadership of Coca-Cola in the world, I'd give it back to you and say it can't be done.
Warren Buffett