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It takes 150 years to build an investment bank and only five minutes to convince you to sell me preferred stock in it at a 10% interest rate.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Interest
Sell
Years
Sells
Investment
Rate
Build
Preferred
Minutes
Stock
Takes
Bank
Five
Convince

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The stock market is a wonderfully efficient mechanism for transferring wealth from the impatient to the patient.
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We don't get paid for activity, just for being right. As to how long we'll wait, we'll wait indefinitely.
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We're paying maybe 25 percent of the income tax, but the payroll tax is over a third of the receipts of the federal government. And they don't take that from me on capital gains. They don't take that from me on dividends.
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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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Your premium brand had better be delivering something special, or it's not going to get the business.
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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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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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In business, I look for economic castles protected by unbreachable 'moats'.
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Continually challenge and be willing to amend your best loved ideas.
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A hyperactive stock market is the pickpocket of enterprise.
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The real fortunes in this country have been made by people who have been right about the business they invested in, and not right about the timing of the stock market.
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I'll take the deal, whatever you want to do.
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Like most trends, at the beginning it's driven by fundamentals, at some point speculation takes over. What the wise man does in the beginning, the fool does in the end.
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If I got a chance to take one percent of the deal either way, I would make that bet.
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You can't make a good deal with a bad person.
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Asset values and earning power are the dominant factors affecting the valuation of a controlling interest in a business. Market price, which governs valuation of minority interest positions, is of little or no importance in valuing a controlling interest.
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Mr. Market is your servant, not your guide.
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The greater the potential for reward in the value portfolio, the less risk there is.
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I know the country works extremely well. You know, but when it isn't clogged up.
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Mr. Market is kind of a drunken psycho. Some days he gets very enthused, some days he gets very depressed. And when he get really enthused you sell to him, and if he gets depressed, you buy from him. There's no moral taint attached to that.
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