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

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Investment philosophy is the clear understanding that by owning shares of stocks he owns businesses, not pieces of paper.
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I would rather sustain the penalties resulting from over-conservatism than face the consequences of error, perhaps with permanent capital loss, resulting from the adoption of New Era philosophy where trees really do grow to the sky.
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Don't risk what is important to you, to get what is not important to you.
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I've seen more people fail because of liquor and leverage -- leverage being borrowed money. 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.
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Truly conservative actions arise from intelligent hypotheses, correct facts and sound reasoning.
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When the president of the United States goes out at, you know, 8:00 o'clock in the morning and then his own party votes gets him 2 to 1 in the house, you know that somehow a message isn't getting out. It takes real leadership.
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I really like my life. I've arranged my life so that I can do what I want.
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Bull markets and Bear markets can obscure mathematical laws, they cannot repeal them.
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I don't have my diploma from the University of Nebraska hanging on my office wall, and I don't have my diploma from Columbia up there either-but I do have my Dale Carnegie graduation certificate proudly displayed.
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I have a wonderful family. I have a job that I love and wonderful people who help me with it. It can't get any better than that.
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You can't produce a baby in one month by getting nine women pregnant.
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In the insurance business, there is no statute of limitation on stupidity.
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A bull market is like sex. It feels best just before it ends.
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Read Ben Graham and Phil Fisher read annual reports, but don't do equations with Greek letters in them.
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Is management rational?
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Lethargy bordering on sloth remains the cornerstone of our investment style. The exception was Wells Fargo, a superbly-managed, high-return banking operation in which we increased our ownership to just under 10%, the most we can own without the approval of the Federal Reserve Board.
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Forecasts may tell you a great deal about the forecaster they tell you nothing about the future.
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When you build a bridge, you insist that it can carry 30,000 pounds, but you only drive 10,000-pound trucks across it. And that same principle works in investing.
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Outstanding long-term results are produced primarily by avoiding dumb decisions, rather than by making brilliant ones.
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You ought to be able to explain why you’re taking the job you’re taking, why you’re making the investment you’re making, or whatever it may be. And if it can’t stand applying pencil to paper, you’d better think it through some more. And if you can’t write an intelligent answer to those questions, don’t do it.
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