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The fundamental basis of above-average performance in the long run is sustainable competitive advantage.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Average
Sustainable
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Competitive
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More quotes by Warren Buffett

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Somebody's buying these treasury bills at 1/20th of one percent. Consuming about $2 billion a day of goods and services beyond what we're producing. In other words, the rest of the world sends about $2 billion a day net of something.We got to send them something in return, don't we. So we send them little pieces of paper.
Warren Buffett
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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.
Warren Buffett
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The most common cause of low prices is pessimism - some times pervasive, some times specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It's optimism that is the enemy of the rational buyer.
Warren Buffett
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I know that Congress will do the right thing.
Warren Buffett
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Don't risk what is important to you, to get what is not important to you.
Warren Buffett
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Writing checks to the IRS that include strings of zeros does not bother me ... Overall, we feel extraordinarily lucky to have been dealt a hand in life that enables us to write large checks to the government rather than one requiring the government to regularly write checks to us-say, because we are disabled or unemployed.
Warren Buffett
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We don't get paid for being busy, we get paid for being right.
Warren Buffett
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If I subscribed to the efficient market theory I would still be delivering papers
Warren Buffett
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Money to some extent sometimes let you be in more interesting environments. But it can't change how many people love you or how healthy you are.
Warren Buffett
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Government can't deliver a free lunch to the country as a whole. It can, however, determine who pays for lunch. And last week the Senate handed the bill to the wrong party... the poor and middle class.
Warren Buffett
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At Berkshire, I both initiate and monitor every derivatives contract on our books ... If Berkshire ever gets in trouble, it will be my fault. It will not be because of the misjudgments made by a risk committee or chief risk officer.
Warren Buffett
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No matter how great the talent or efforts, some things just take time.
Warren Buffett
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A diamond cannot be polished without friction, nor a person perfected without trials. Someone is enjoying shade today because someone planted a tree a long time ago.
Warren Buffett
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If you gave me the choice of being CEO of General Electric or IBM or General Motors, you name it, or delivering papers, I would deliver papers. I would. I enjoyed doing that. I can think about what I want to think. I don't have to do anything I don't want to do.
Warren Buffett
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If horses had controlled investment decisions, there would have been no auto industry.
Warren Buffett
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A contrarian approach is just as foolish as a follow-the-crowd strategy. What's required is thinking rather than polling.
Warren Buffett
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Cash, though, is to a business as oxygen is to an individual: never thought about when it is present, the only thing in mind when it is absent... When bills come due, only cash is legal tender. Don't leave home without it.
Warren Buffett
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House prices just soared beyond - beyond reason in many places and they got financed in silly ways, and people lied about loans, all kinds of accesses entered into it. But that is what - that is the single biggest cause of why we're here.
Warren Buffett
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It's got to be the best intellectual exercise out there. You're seeing through new situations every ten minutes. In the stock market you don't base your decisions on what the market is doing, but on what you think is rational. Bridge is about weighing gain/loss ratios. You're doing calculations all the time.
Warren Buffett
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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.
Warren Buffett