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Like most trends, at the beginning it's driven by fundamentals, at some point speculation takes over. What the wise man does in the beginning, the fool does in the end.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Fool
Wise
Takes
Point
Speculation
Ends
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Fundamentals
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Beginning

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What we learn from history is that people don't learn from history.
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With housing it's something even more dramatic than that, because most people aspire to own their own home.If you really think that houses prices are going to go up next year and the year after, you feel if I don't buy it this year, I'm going to have to buy it next year.That's not true of an Internet stock. But it's true of a home.
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Part of making good decisions in business is recognizing the poor decisions you've made and why they were poor. I've made lots of mistakes. I'm going to make more. It's the name of the game. You don't want to expect perfection in yourself. You want to strive to do your best. It's too demanding to expect perfection in yourself.
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Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results.
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I make plenty of mistakes and I'll make plenty more mistakes, too. That's part of the game. You've just got to make sure that the right things overcome the wrong ones.
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The secret to happiness is having low expectations.
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In the long run managements stressing accounting appearance over economic substance usually achieve little of either.
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Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.
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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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You really don't need leverage in this world much. If you're smart, you're going to make a lot of money without borrowing. I've never borrowed a significant amount of money in my life. Never. Never will. I've got no interest in it.
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The rest of the world really likes our stuff pretty well. It's just we buy so damn much of what they produce.
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Banking is very good business if you don't do anything dumb.
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If you don’t feel comfortable making a rough estimate of the asset’s future earnings, just forget it and move on. No one has the ability to evaluate every investment possibility. But omniscience isn’t necessary you only need to understand the actions you undertake.
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I have always cautioned partners that I considered three years a minimum in determining whether we were performing.
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We've got all the ingredients for a sensational future.
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Diversification is protection against ignorance. It makes little sense if you know what you are doing.
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