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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
Performances
Sustainable
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Competitive
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Fundamental
Long
Performance
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Fundamentals
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More quotes by Warren Buffett

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In economics, you always want to ask 'And then what?'
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We will reject interesting opportunities rather than over-leverage our balance sheet.
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If you look at the Forbes 400, they are paying a lower rate, accounting payroll taxes, than their secretary or - whomever around their office.
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I can't promise results, but I can promise a common destiny.
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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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You will be right, over the course of many transactions, if your hypotheses are correct, your facts are correct, and your reasoning is correct. True conservatism is only possible through knowledge and reason.
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I don't really think that, as a society, we [americans] want to confer blessings on generation after generation who contribute nothing to society, simply because somebody in the far distant past happened to amass a great sum of wealth.
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We continue to make more money when snoring than when active.
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I think that trying to invest through 535 people is a tough job, you know, and so I would give more latitude.
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The difference between successful people and really successful people is that really successful people say no to almost everything.
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Things you like to do should be a hobby of yours, but things the world does should be a business of yours.
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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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The one piece of advice I can give you is, do what turns you on. Do something that if you had all the money in the world, you’d still be doing it. You’ve got to have a reason to jump out of bed in the morning.
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In a bull market, one must avoid the error of the preening duck that quacks boastfully after a torrential rainstorm, thinking that its paddling skills have caused it to rise in the world. A right-thinking duck would instead compare its position after the downpour to that of the other ducks on the pond.
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I could end the deficit in 5 minutes. You just pass a law that says that anytime there is a deficit of more than 3% of GDP all sitting members of congress are ineligible for reelection.
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Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.
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We're perfectly willing to trade away a big payoff for a certain payoff.
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Gold is a way of going long on fear, and it has been a pretty good way of going long on fear from time to time. But you really have to hope people become more afraid in a year or two years than they are now. And if they become more afraid you make money, if they become less afraid you lose money, but the gold itself doesn’t produce anything.
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Remember that the stock market is manic-depressive.
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We say we are trying to buy into businesses with excellent economics, run by honest and able people at a decent price. We buy very few securities, so we look at it as focused investing.
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