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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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Though
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Managers
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More quotes by Warren Buffett

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Risk can be greatly reduced by concentrating on only a few holdings.
Warren Buffett
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The .350 hitter expects, and also deserves, a big payoff for his performance - even if he plays for a cellar-dwelling team. And a .150 hitter should get no reward - even if he plays for a pennant winner.
Warren Buffett
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Sound investing can make you very wealthy if you're not in too big a hurry
Warren Buffett
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I don't think it would be crazy to have a model or an entity model on the Reconstruction Finance Corp.
Warren Buffett
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Ignore the stock market, ignore the economy, and buy a business you understand.
Warren Buffett
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The best education you can get is investing in yourself, and that doesn't mean college or university.
Warren Buffett
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Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life.
Warren Buffett
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We will only do with your money what we would do with our own.
Warren Buffett
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A single year's performance is of minor importance and, good or bad, should never be taken seriously.
Warren Buffett
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I do not like debt and do not like to invest in companies that have too much debt, particularly long-term debt. With long-term debt, increases in interest rates can drastically affect company profits and make future cash flows less predictable.
Warren Buffett
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Buy companies with strong histories of profitability and with a dominant business franchise.
Warren Buffett
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The range of derivatives contracts is limited only by the imagination of man (or sometimes, so it seems, madmen). Say you want to write a contract speculating on the number of twins to be born in Nebraska in 2020. No problem-at a price, you will easily find an obliging counterparty.
Warren Buffett
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Our policy is to concentrate holdings. We try to avoid buying a little of this or that when we are only lukewarm about the business or its price. When we are convinced as to attractiveness, we believe in buying worthwhile amounts.
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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There are 309 million people out there that are trying to improve their lot in life. And we've got a system that allows them to do it.
Warren Buffett
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Enjoy your work and work for whom you admire.
Warren Buffett
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Either they're trying to con you or they're trying to con themselves.
Warren Buffett
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When bills come due, only cash is legal tender. Don't leave home without it.
Warren Buffett
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If you're extremely rich, and you have got children, my theory was, you give them enough so they can do anything, but not enough so they can do nothing.
Warren Buffett
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I sent one e-mail in my life. I sent it to Jeff Raikes at Microsoft, and it ended up in court in Minneapolis, so I am one for one.
Warren Buffett