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The managers at fault periodically report on the lesson they have learned from the latest disappointment. They then usually seek out future lessons.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Usually
Reports
Learned
Fault
Future
Lesson
Managers
Disappointment
Faults
Periodically
Seek
Latest
Lessons
Report

More quotes by Warren Buffett

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The key to success is emotional stability.
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We like to buy businesses, but we don't like to sell them.
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My rather puritanical view is that any investment manager, whether operating as broker, investment counselor of a trust department, investment company, etc., should be willing to state unequivocally what he is going to attempt to accomplish and how he proposes to measure the extent to which he gets the job done.
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I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business.
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Of the billionaires I have known, money just brings out the basic traits in them. If they were jerks before they had money, they are simply jerks with a billion dollars.
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We will reject interesting opportunities rather than over-leverage our balance sheet.
Warren Buffett
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I mean, in terms of alternatives, some people have suggested for example that why don't we - why isn't America doing what Berkshire Hathaway is doing? Why isn't that a better deal for America?
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I'm the luckiest guy in the world in terms of what I do for a living. No one can tell me to do things I don't believe in or things I think are stupid.
Warren Buffett
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Benign neglect, bordering on sloth, remains the hallmark of our investment process.
Warren Buffett
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I read annual reports of the company I'm looking at and I read the annual reports of the competitors - that is the main source of material.
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One’s objective should be to get it right, get it quick, get it out and get it over. Your problem won’t improve with age.
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We try to buy businesses with good-to-superb underlying economics run by honest and able people and buy them at sensible prices. That's all I'm trying to do.
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I'm just lucky to have been in the right place at the right time. Another place, another time, I wouldn't have been as successful. Society enabled me to make my money and my money should go to society.
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Making money isn't the backbone of our guiding purpose it is the by-product of our guiding purpose.
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 ideal business is one that earns very high returns on capital and that keeps using lots of capital at those high returns. That becomes a compounding machine.
Warren Buffett
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Investment decision should be made on the basis of the most probable compounding of after-tax net worth with minimum risk.
Warren Buffett
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At Berkshire, I both initiate and monitor every derivatives contract on our books ... If Berkshire ever gets in trouble, it will be my fault. It will not be because of the misjudgments made by a risk committee or chief risk officer.
Warren Buffett
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Buy stocks like you buy your groceries, not like you buy your perfume.
Warren Buffett
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Having first rate people on the team is more important than designing hierarchies and clarifying who reports to whom.
Warren Buffett