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Making money isn't the backbone of our guiding purpose it is the by-product of our guiding purpose.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Making
Money
Guiding
Backbone
Product
Products
Purpose

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Does the business have favourable long term prospects?
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Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing.
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When a management with reputation for brilliance gets hooked up with a business with a reputation for bad economics, it's the reputation of the business that remains intact.
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When you listen to tax-cut rhetoric, remember that giving one class of taxpayer a break requires - now or down the line - that an equivalent burden be imposed on other parties. In other words, if I get a break, someone else pays. Government can't deliver a free lunch to the country as a whole. It can however, determine who pays for lunch.
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If we have a strength, it is in recognizing when we are operating well within our circle of competence and when we are approaching the perimeter.
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The smartest side to take in a bidding war is the losing side.
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The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.
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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.
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You should invest in a business that even a fool can run, because someday a fool will.
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We have provided capital here with a couple of institutions recently. The Federal government did that in the '30s for the RFC and I think there could well be a proper role for government in that.
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The [stock] market,like the Lord, helps those who help themselves. But, unlike the Lord, the market does not forgive those who know not what they do.
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The plan itself is opportunism. There is no plan before that.
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Focus alone is not enough putting in the time to commit is also crucial to achieve success.
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A market downturn, doesn't bother us. For us and our long term investors, it is an opportunity to increase our ownership of great companies with great management at good prices. Only for short term investors and market timers is a correction not an opportunity.
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What's nice about investing is you don't have to swing at every pitch.
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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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You only have to do a very few things right in your life so long as you don't do too many things wrong.
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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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I think that trying to invest through 535 people is a tough job, you know, and so I would give more latitude.
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If you were at Lehman, the same thing happened. If you were at AIG, the shareholders are getting creamed on these things. And those shareholders are not just a bunch of big shots in Wall Street. Those are pension funds, and those are investors all over the country. I wouldn't worry too much about that. Justice won't be perfect on it.
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