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I look for businesses in which I think I can predict what they're going to look like in ten to fifteen years time. Take Wrigley's chewing gum. I don't think the internet is going to change how people chew gum.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
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Chew
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Chewing
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What could be more advantageous in an intellectual contest - whether it be chess, bridge, or stock selection - than to have opponents who have been taught that thinking is a waste of energy?
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Time is your friend, impulse is your enemy. Take advantage of compound interest and don't be captivated by the siren song of the market.
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What the human being is best at doing is interpreting all new information so that their prior conclusions remain intact.
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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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I mean there is no capital requirements to it or anything of the sort. And basically, I said there were possibly financial weapons of mass destruction, and they had them. They destroyed AIG. They certainly contributed to the destruction of Bear Sterns and Lehman. Although Lehman had other problems, too.
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In our view, derivatives are financial weapons of mass destruction carrying dangers that, while latent, are potentially lethal.
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It's a big mistake to try and mislead people. They will turn around.
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I would say the biggest single cause was we had an incredible residential real estate bubble.
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If you lose money for the firm, I will be forgiving. If you lose reputation, I will be ruthless.
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Success in investing doesn’t correlate with I.Q. Once you are above the level of 25 once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing.
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We don't have to be smarter than the rest. We have to be more disciplined than the rest.
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If I taught a class, on my final exam I would take an Internet company and ask, 'How much is this company worth?' Anyone who would answer, I would flunk.
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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.
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It is unquestionably true that the investment companies have their money more conventionally invested than we do. To many people conventionality is indistinguishable from conservatism. In my view, this represents erroneous thinking. Neither a conventional nor an unconventional approach, per se, is conservative.
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Today people who hold cash equivalents feel comfortable. They shouldn't. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value.
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You get in a lot of trouble when you start putting fictitious numbers.
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With enough insider information and a million dollars, you can go broke in a year.
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Don't pass up something that's attractive today because you think you will find something way more attractive tomorrow.
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Focus on your customers and lead your people as though their lives depend on your success.
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Be fearful when there is greed and be greedy when there is fear.
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