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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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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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Stocks of companies selling commodity-like products should come with a warning label: Competition may prove hazardous to human wealth.
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If I were the treasury secretary or head of the Fed, you know, I would try to scare the hell the out of the private sector and say, you better save this because you're going down with the ship.
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The dumbest reason in the world to buy a stock is because it's going up.
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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.
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Chains of habit are too light to be felt until they are too heavy to be broken.
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I think confidence will come back.
Warren Buffett
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I lose confidence in other people, all kinds of institutions.
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We've long felt that the only value of stock forecasters is to make fortune tellers look good. Even now, Charlie and I continue to believe that short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children.
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The big question about how people behave is whether they've got an Inner Scorecard or an Outer Scorecard. It helps if you can be satisfied with an Inner Scorecard.
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It's almost impossible to overpay the truly extraordinary CEO... but the species is rare.
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You have no ability, if you're a financial institution and you're threatened with criminal prosecution, you have no ability to negotiate.
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It's better to hang out with people better than you. Pick out associates whose behavior is better than yours and you'll drift in that direction.
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You don't need to be an expert in order to achieve satisfactory investment returns. But if you aren't, you must recognize your limitations and follow a course certain to work reasonably well. Keep things simple and don't swing for the fences.
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I have never been able to understand why the tax comes as such a body blow to many people since the rate on long-term capital gain is lower than on most likes of endeavor (tax policy indicated digging ditches is regarded as socially less desirable than shuffling stock certificates).
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If, when making a stock investment, you're not considering holding it at least ten years, don't waste more than ten minutes considering it.
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There is no substitute for a local newspaper that is doing its job.
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Investors should remember that excitement and expenses are their enemies.
Warren Buffett
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That which is not worth doing at all is not worth doing well.
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Fund consultants like to require style boxes such as long-short, macro, international equities. At Berkshire our only style box is smart.
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