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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
Future
Lesson
Managers
Disappointment
Faults
Periodically
Seek
Latest
Lessons
Report
Usually
Reports
Learned
Fault

More quotes by Warren Buffett

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I'm not worried they're all about the investments we make. I mean, listen, this country - we've got $46,000 or $47,000 of GDP per capita. Now, we've done pretty darn well. We'll do better in the future.
Warren Buffett
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In business, I look for economic castles protected by unbreachable 'moats'.
Warren Buffett
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Investment must be rational if you can't understand it, don't do it.
Warren Buffett
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We will prosper or suffer in controlled investments in relation to the operating performances of our businesses - we will not attempt to profit by playing various games in the securities markets.
Warren Buffett
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Government can't deliver a free lunch to the country as a whole. It can, however, determine who pays for lunch. And last week the Senate handed the bill to the wrong party... the poor and middle class.
Warren Buffett
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... the best way to own common stocks is through an index fund.
Warren Buffett
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Other guys read Playboy. I read annual reports.
Warren Buffett
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What the wise do in the beginning, fools do in the end.
Warren Buffett
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The thing to do is to keep your mind when the world around you is losing theirs.
Warren Buffett
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The plan itself is opportunism. There is no plan before that.
Warren Buffett
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If I knew where I was going to want to live the next five or 10 years I would buy a home and I'd finance it with a 30-year mortgage... It's a terrific deal.
Warren Buffett
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The most important thing in terms of your circle of competence is not how large the area of it is, but how well you've defined the perimeter.
Warren Buffett
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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.
Warren Buffett
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My net worth is the market value of holdings less the tax payable upon sale. The liability is just as real as the asset unless the value of the asset declines (ouch), the asset is given away (no comment), or I die with it. The latter course of action would appear to at least border on a Pyrrhic victory.
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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Investors making purchases in an overheated market need to recognize that it may often take an extended period for the value of even an outstanding company to catch up with the price they paid.
Warren Buffett
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Do not take yearly results too seriously. Instead, focus on four or five-year averages.
Warren Buffett
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The financial calculus that Charlie and I employ would never permit our trading a good night's sleep for a shot at a few extra percentage points of return. I've never believed in risking what my friends and family have and need in order to pursue what they don't have and don't need.
Warren Buffett
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I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.
Warren Buffett
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In a commodity business, it's very hard to be smarter than your dumbest competitor.
Warren Buffett