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We all make mistakes. If you can't make mistakes, you can't make decisions. I've made a lot bigger mistakes myself.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Decisions
Mistakes
Bigger
Mistake
Decision
Made
Make

More quotes by Warren Buffett

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That which is not worth doing at all is not worth doing well.
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The most important thing in terms of your circle of competence is not how large the area of it is, but how well you've defined the perimeter.
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Basically, the single-most important decision in evaluating a business is pricing power.
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It is more important to say no to an opportunity, than to say yes.
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You're neither right nor wrong because other people agree with you. You're right because your facts are right and your reasoning is right - that's the only thing that makes you right. And if your facts and reasoning are right, you don't have to worry about anybody else.
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Either they're trying to con you or they're trying to con themselves.
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I would say that an RFC-like thing might make sense. I probably would do it myself. But I don't think trying to combine that with what's going through now, I think what is needed now is liquidity.
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Bad terminology is the enemy of good thinking.
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If you get to my age in life and nobody thinks well of you, I don't care how big your bank account is, your life is a disaster.
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In business, I look for economic castles protected by unbreachable 'moats'.
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Making money isn't the backbone of our guiding purpose making money is the by-product of our guiding purpose. If you're doing something you love, you're more likely to put your all into it, and that generally equates to making money
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As one of my older friends says, Nostalgia just isn't what it used to be. Let's take a stab at it, anyway.
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If you own a wonderful business...the best thing to do is keep it. All you're going to do is trade your wonderful business for a whole bunch of cash, which isn't as good as the business, and you got the problem of investing in other businesses, and you probably paid a tax in between. So my advice to anybody who owns a wonderful business is keep it.
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When the brothel burns down, even the pretty girls have to run out.
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I think you should read everything you can. In my case, by the age of 10, I'd read every book in the Omaha public library about investing, some twice. You need to fill your mind with various competing thoughts and decide which make sense.
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The banking business is no favorite of ours. When assets are twenty times equity - a common ratio in this industry - mistakes that involve only a small portion of assets can destroy a major portion of equity. And mistakes have been the rule rather than the exception at many major banks.
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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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In investing, just as in baseball, to put runs on the scoreboard, one must watch the playing field, not the scoreboard.
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If you have more than 120 or 130 I.Q. points, you can afford to give the rest away. You don't need extraordinary intelligence to succeed as an investor.
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There is no substitute for a local newspaper that is doing its job.
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