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Knowing the edge of your competency is important. If you think you know more than you do, you will get in trouble.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Edges
Trouble
Knowing
Important
Think
Thinking
Competency
Competencies
Edge

More quotes by Warren Buffett

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I choose to work with every single person that I work with. That ends up being the most important factor. I don't interact with people I don't like or admire. That's the key. It's like marrying.
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I was lucky enough to be born in a time and place where society values my talent, and gave me a good education to develop that talent, and set up the laws and the finanical system to let me do what I love doing-and make a lot of money doing it. The least I can do is help pay for all that.
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Look for companies with high profit margins.
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I can do anything I want, basically, as long as it doesn't involve athletic ability, or something like that.
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We also believe candour benefits us as managers. The CEO who misleads often in public eventually misleads himself in private.
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I get to do what I like to do every single day of the year.
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One’s objective should be to get it right, get it quick, get it out and get it over. Your problem won’t improve with age.
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It's easy to identify many investment managers with great recent records. But past results, though important, do not suffice when prospective performance is being judged. How the record has been achieved is crucial.
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What an investor needs is the ability to correctly evaluate selected businesses. Note that word “selected”: You don't have to be an expert on every company, or even many. You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important knowing its boundaries, however, is vital.
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We like to buy businesses, but we don't like to sell them.
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The managers at fault periodically report on the lesson they have learned from the latest disappointment. They then usually seek out future lessons.
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Focus on your customers and lead your people as though their lives depend on your success.
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Risk comes from not knowing what you're doing.
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If you can eliminate the government as a 39.6% partner, then you will be much better off.
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Do what you would do for free, having passion for what you do is the most important thing.
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The key to success is emotional stability.
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I don't look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.
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I think the oversight is great, and I think that oversight ought to be devoted almost entirely to the question is this being done at market you know. In other words, you want to make sure that the government isn't investing foolishly. But you don't want to care about which congressional districts it goes to or whether banks get favored over.
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Occasionally, a man must rise above principles.
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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.
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