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

More quotes by Warren Buffett

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Do what you love and work for whom you admire the most, and you've given yourself the best chance in life you can.
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I mean, if Pearl Harbor came along, you could have said the planning was wrong by the military ahead of time or maybe the battleships shouldn't have all been in the harbor and all that kind of thing.
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Focus on your customers and lead your people as though their lives depend on your success.
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Do not take yearly results too seriously. Instead, focus on four or five-year averages.
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Somebody's buying these treasury bills at 1/20th of one percent. Consuming about $2 billion a day of goods and services beyond what we're producing. In other words, the rest of the world sends about $2 billion a day net of something.We got to send them something in return, don't we. So we send them little pieces of paper.
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Never do anything in life if you would be ashamed of seeing it printed on the front page of your hometown newspaper for your friends and family to see.
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I've argued with the senators and congressmen I've talked to. You don't want to be too little too late. If you buy them at the right price, you may be buying two trillion of face value.
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Investors... can't pick stocks that are better than average. Stocks are a good thing to own over time. There's only two things you can do wrong: You can buy the wrong ones, and you can buy or sell them at the wrong time. And the truth is you never need to sell them.
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The only question is whether you’re going to do it today or tomorrow. If you keep saying you’re going to do it tomorrow, you’ll never do it. You have to get on it today.
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We have usually made our best purchases when apprehensions about some macro event were at a peak. Fear is the foe of the faddist, but the friend of the fundamentalist.
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If you look at the Forbes 400, they are paying a lower rate, accounting payroll taxes, than their secretary or - whomever around their office.
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During inflation, Goodwill is the gift that keeps on giving.
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Do what you would do for free, having passion for what you do is the most important thing.
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When you're associating with the people that you love, doing what you love, it doesn't get any better than that.
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You are lucky in life if you have the right heroes. I advise all of you, to the extent you can, to pick out a few heroes
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It's better to build than to buy if you can find the right people.
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The active investors will have their returns diminished by a far greater percentage than will their inactive brethren. That means that the passive group - the know-nothings - must win.
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I think confidence will come back.
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We need a tax system that essentially takes very good care of the people who just really aren't as well adapted to the market system but are nevertheless doing useful things in the society.
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The gross profits in many workouts appear quite small. It's a little like looking for parking meters with some time left on them. However, the predictability coupled with a short holding period produces quite decent average annual rates of return after allowance for the occasional substantial loss.
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