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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
Advantage
Competitive
Running
Fundamental
Long
Performance
Basis
Fundamentals
Bases
Performances

More quotes by Warren Buffett

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Accounting consequences do not influence our operating or capital-allocation decisions. When acquisition costs are similar, we much prefer to purchase $2 of earnings that is not reportable by us under standard accounting principles than to purchase $1 of earnings that is reportable.
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It's much easier to stay out of trouble now than to get out of trouble later.
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I don't know that I could draw one that's perfect. But I'd rather by approximately right than precisely wrong, and it would be precisely wrong to turn it down.
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In the long run managements stressing accounting appearance over economic substance usually achieve little of either.
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Over the years, a number of very smart people have learned the hard way that a long string of impressive numbers multiplied by a single zero always equals zero.
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If you buy things you do not need, soon you will have to sell things you need.
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Paradoxically, when 'dumb' money acknowledges its limitations, it ceases to be dumb.
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The dumbest reason in the world to buy a stock is because it's going up.
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A low-cost index fund is the most sensible equity investment for the great majority of investors. My mentor, Ben Graham, took this position many years ago, and everything I have seen since convinces me of its truth.
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Read Ben Graham and Phil Fisher read annual reports, but don't do equations with Greek letters in them.
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Taking jobs to build up your resume is the same as saving up sex for old age.
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Too often, executive compensation in the U.S. is ridiculously out of line with performance. That won't change, moreover, because the deck is stacked against investors when it comes to the CEO's pay.
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Never get too hung up on mistakes.
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I sent one e-mail in my life. I sent it to Jeff Raikes at Microsoft, and it ended up in court in Minneapolis, so I am one for one.
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During inflation, Goodwill is the gift that keeps on giving.
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It is better to point out your own mistakes than have somebody else do it.
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You’d get very rich if you thought of yourself as having a card with only twenty punches in a lifetime, and every financial decision used up one punch. You’d resist the temptation to dabble. You’d make more good decisions and you’d make more big decisions.
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The same things happen to quite an extent around the globe. I mean, the European banks were doing what the American banks were.
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Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy only when others are fearful.
Warren Buffett
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Problems in a company are like cockroaches in the kitchen. You will never find just one
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