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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
Thinking
Competency
Competencies
Edge
Edges
Trouble
Knowing
Important
Think

More quotes by Warren Buffett

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I think the most important factor in getting out of the recession actually is just the regenerative capacity of - of American capitalism.
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The trick is, when there is nothing to do, do nothing.
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Take Wrigley's Chewing Gum. I don't think the Internet is going to change how people chew gum.
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The great personal fortunes in the country weren't built on a portfolio of fifty companies. They were built by someone who identified one wonderful business. With each investment you make, you should have the courage and the conviction to place at least 10% of your net worth in that stock.
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Well, it may be all right in practice, but it will never work in theory
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Do not take yearly results too seriously. Instead, focus on four or five-year averages.
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We have embraced the 21st century by entering such cutting-edge industries as brick, carpet, insulation and paint. Try to control your excitement.
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There is seldom just one cockroach in the kitchen. You know, you turn on the light and, all of sudden, they all start scurrying around.
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We have a country where I don't know whether it's a million households a year or more, but good form.
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If horses had controlled investment decisions, there would have been no auto industry.
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It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
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I'll tell you why I like the cigarette business. It cost a penny to make. Sell it for a dollar. It's addictive. And there's a fantastic brand loyalty.
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Market prices for stocks fluctuate at great amplitudes around intrinsic value but, over the long term, intrinsic value is virtually always reflected at some point in market price.
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What you really want to do in investments is figure out what's important and knowable. If it's unimportant or unknowable you forget about it.
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I will do anything that is basically covered by the law to reduce Berkshire's tax rate. For example, on wind energy, we get a tax credit if we build a lot of wind farms. That's the only reason to build them. They don't make sense without the tax credit.
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AIG would be doing fine today. It was one of the ten largest companies in the United States in terms of market value, over 200 billion, the most respected insurer and everything in the world.
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No matter how great the talent or efforts, some things just take time.
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I may have more money than you, but money doesn't make the difference. If there is any difference between you and me, it may simply be that I get up and have a chance to do what I love to do, every day. If you learn anything from me, this is the best advice I can give you.
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A fool and his money are soon invited everywhere.
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The value of a business is the cash it's going to produce in the future.
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