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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
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More quotes by Warren Buffett

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I have three boxes on my desk: In, Out, and Too Hard.
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're perfectly willing to trade away a big payoff for a certain payoff.
Warren Buffett
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You’ve gotta keep control of your time, and you can’t unless you say no. You can’t let people set your agenda in life.
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 single most important decision in evaluating a business is pricing power.
Warren Buffett
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We've actually been pretty good on exports. I mean we are exporting 12% of our GDP now roughly.
Warren Buffett
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A pack of lemmings looks like a group of rugged individualists compared with Wall Street when it gets a concept in its teeth.
Warren Buffett
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I find that the standard of living does not go up in proportion with the cost of living. The trick in life is to do things that are fun all the time.
Warren Buffett
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In the end, alchemy, whether it is metallurgical or financial, fails. A base business can not be transformed into a golden business by tricks of accounting or capital structure. The man claiming to be a financial alchemist may become rich. But gullible investors rather than business achievements will usually be the source of his wealth.
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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I think what people understand there probably - well, they were hoping the private sector would do it [rescuing AIG ].
Warren Buffett
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When people talk about cash being king, it's not king if it just sits there and never does anything.
Warren Buffett
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People do, as long as you have markets, you'll have excesses.
Warren Buffett
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You have to turn over a lot of rocks to find those little anomalies. You have to find the companies that are off the map - way off the map.
Warren Buffett
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I think the biggest thing we need is to unclog the credit markets, and we may need another stimulus - if we do, it's - it should go to the lower and middle-income people.
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
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We only want to link up with people whom we like, admire, and trust. ... We do not wish to join with managers who lack admirable qualities, no matter how attractive the prospects of their business. We've never succeeded in making a good deal with a bad person.
Warren Buffett
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What's going to happen - things we're doing are going to have some inflationary consequences.
Warren Buffett
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You're neither right nor wrong because other people agree with you. You're right because your facts are right and your reasoning is right - that's the only thing that makes you right. And if your facts and reasoning are right, you don't have to worry about anybody else.
Warren Buffett