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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
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More quotes by Warren Buffett

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What an investor needs is the ability to correctly evaluate selected businesses. Note that word “selected”: You don't have to be an expert on every company, or even many. You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important knowing its boundaries, however, is vital.
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How do you beat Bobby Fischer? You play him at any game but chess. I try to stay in games where I have an edge.
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My favorite time frame for holding a stock is forever.
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I happen to have a talent for allocating capital. But my ability to use that talent is completely dependent on the society I was born into. If I'd been born into a tribe of hunters, this talent of mine would be pretty worthless. I can't run very fast. I'm not particularly strong. I'd probably end up as some wild animal's dinner.
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If you buy things you do not need, soon you will have to sell things you need.
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I know the country works extremely well. You know, but when it isn't clogged up.
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They [Goverment] take from the woman who comes in and takes the wastebaskets out.
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Take the job you would take if you were independently wealthy. You're going to do well at it.
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Interest rates are to asset prices what gravity is to the apple. When there are low interest rates, there is a very low gravitational pull on asset prices.
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We've had public companies in the past in that business and they bleed. We've got a lot more blood than they do.
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When you get to my age, you’ll measure your success in life by how many of the people you want to have love you actually do love you. That’s the ultimate test of how you’ve lived your life.
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It’s not that I want money. It’s the fun of making money and watching it grow.
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I think you are out of your mind if you keep taking jobs that you don't like because you think it will look good on your resume. Isn't that a little like saving up sex for your old age?
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Remember that the stock market is manic-depressive.
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I like to go for cinches. I like to shoot fish in a barrel. But I like to do it after the water has run out.
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If you gave me the choice of being CEO of General Electric or IBM or General Motors, you name it, or delivering papers, I would deliver papers. I would. I enjoyed doing that. I can think about what I want to think. I don't have to do anything I don't want to do.
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In some corner of the world they are probably still holding regular meetings of the Flat Earth Society. We derive no comfort because important people, vocal people, or great numbers of people agree with us. Nor do we derive comfort if they don't.
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To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What's needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding that framework. You must supply the emotional discipline.
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You can be sure that over the next 10 years, you'll see something that you did not think was possible.
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Stocks of companies selling commodity-like products should come with a warning label: Competition may prove hazardous to human wealth.
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