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John Maynard Keynes essentially said, don't try and figure out what the market is doing. Figure out a business you understand, and concentrate.

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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Keynes
Trying
Concentrate
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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've never been very fully employed either.
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I don't read economic forecasts. I don't read the funny papers.
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Look for 3 things in a person. Intelligence, Energy, & Integrity. If they don't have the last one, don't even bother with the first two.
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Would your reply possibly be this? Well, it all depends on what my tax rate will be on the gain you're saying we're going to make. If the taxes are too high, I would rather leave the money in my savings account, earning a quarter of 1 percent. Only in Grover Norquist's imagination does such a response exist.
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Why not invest your assets in the companies you really like? As Mae West said, 'Too much of a good thing can be wonderful'.
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Cash, though, is to a business as oxygen is to an individual: never thought about when it is present, the only thing in mind when it is absent... When bills come due, only cash is legal tender. Don't leave home without it.
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When 40 billion of treasury bills are sold like, seven day treasury bills, at a yield of 1/20th of one percent, that means the whole country is basically at the point virtually, or a lot of the country is at the point of putting the money under the mattress.
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I know that Congress will do the right thing.
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Does the business have a consistent operating history?
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Too often, a vast collection of possessions ends up possessing its owner.
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I just think that - when a country needs more income and we do, we're only taking in 15 percent of GDP, I mean, that - that - when a country needs more income, they should get it from the people that have it.
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I asked him what he wanted to do for his career, and he replied that he wanted to go into a particular field, but thought he should work for McKinsey for a few years first to add to his resume. To me that's like saving sex for your old age. It makes no sense.
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In the end we must have people to match our principles, not the reverse.
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We make investment decisions based on our evaluation of the most profitable combination of probabilities.
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If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy.
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Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years.
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At age 19, I read a book [The Intelligent Investor] and what I'm doing today, at age 76, is running things through the same thought process I learned from the book I read at 19.
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