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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
Running
Fundamental
Long
Performance
Basis
Fundamentals
Bases
Performances
Average
Sustainable
Advantage
Competitive

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Our approach is very much profiting from lack of change rather than from change.
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I prefer liquor store robbers with hungry kids to companies that locate offshore to avoid U.S. taxes.
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It isn't given to man to be able to run a financial institution where different interest-rate scenarios will prevail on all of that so as to produce kind of smooth, regular earnings from a very large base to start with.
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It's the deleveraging that's going on right now that has caused the credit crisis.
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We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.
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What we really want to do is buy businesses that we would be happy to own forever.
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In the search [of a deal], we adopt the same attitude one might find appropriate in looking for a spouse: It pays to be active, interested, and open-minded, but it does not pay to be in a hurry.
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Nothing sedates rationality like large doses of effortless money.
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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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If you don't find a way to make money while you sleep, you will work until you die.
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What's going to happen - things we're doing are going to have some inflationary consequences.
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You don't want 300 million Americans putting their money under the mattress.
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We have provided capital here with a couple of institutions recently. The Federal government did that in the '30s for the RFC and I think there could well be a proper role for government in that.
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Do not take yearly results too seriously. Instead, focus on four or five-year averages.
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... it's important to have the right monetary policy. It's important for, to have the right fiscal policy. But it's nowhere near as important as just the normal regenerative capacity of American capitalism.
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Confidence in markets and in institutions, it's a lot like oxygen. When you have it, you don't even think about it. It's indispensable. You can go years without thinking about it. When it's gone for five minutes, it's the only thing to think about.
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If you don't know the Jewelry, know the Jeweller
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No formula in finance tells you that the moat is 28 feet wide and 16 feet deep. That's what drives the academics crazy. They can compute standard deviations and betas, but they can't understand moats.
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The thing to do is to keep your mind when the world around you is losing theirs.
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Fear is the foe of the faddist, but the friend of the fundamentalist.
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