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How do you beat Bobby Fischer? You play him at any game but chess. I try to stay in games where I have an edge.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Games
Bobby
Play
Edge
Trying
Edges
Chess
Beat
Beats
Stay
Game
Fischer

More quotes by Warren Buffett

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Banking is very good business if you don't do anything dumb.
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The market system rewards me outlandishly for what I do, but that doesn't mean I'm any more deserving of a good life than a teacher or a doctor or someone who fights in Afghanistan.
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We've used up a lot of bullets. And we talk about stimulus. But the truth is, we're running a federal deficit that's 9 percent of GDP. That is stimulative as all get out. It's more stimulative than any policy we've followed since World War II.
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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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Diversification is protection against ignorance. It makes little sense if you know what you are doing.
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... but the important thing is that when you do find one where you really do know what you are doing, you must buy in quantity.... Charlie and I have made a dozen or so very big decisions relative to net worth, although not as big as they should have been. And in each of those, we've known that we were almost certain to be right going in.
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I would rather sustain the penalties resulting from over-conservatism than face the consequences of error, perhaps with permanent capital loss, resulting from the adoption of New Era philosophy where trees really do grow to the sky.
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I did not think I would see the day when, you know, an AIG would not be able to have its checks clear.
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Don't risk what is important to you, to get what is not important to you.
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Making money isn't the backbone of our guiding purpose making money is the by-product of our guiding purpose. If you're doing something you love, you're more likely to put your all into it, and that generally equates to making money
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Investment decision should be made on the basis of the most probable compounding of after-tax net worth with minimum risk.
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I mean, you can explain the fact that these are depressed prices, you know. We think these assets are going to be worth a lot more. And I think that case can be made in certain situations. But I think to just say, you know, we're going to say a dollar of cash is worth $2 all of a sudden, it isn't worth $2. It's worth a dollar today.
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If you don’t feel comfortable making a rough estimate of the asset’s future earnings, just forget it and move on. No one has the ability to evaluate every investment possibility. But omniscience isn’t necessary you only need to understand the actions you undertake.
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Paradoxically, when 'dumb' money acknowledges its limitations, it ceases to be dumb.
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I really like my life. I've arranged my life so that I can do what I want.
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I've often felt there might be more to be gained by studying business failures than business successes.
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Failing conventionally is the route to go as a group, lemmings may have a rotten image, but no individual lemming has ever received bad press
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I have a house that I bought 55 years ago. It's warm in the winter it's cool in the summer. It has everything I wanted, plus it has all kinds of good memories. Like my kids, I have good thoughts about that. I can't imagine living any better.
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Asset values and earning power are the dominant factors affecting the valuation of a controlling interest in a business. Market price, which governs valuation of minority interest positions, is of little or no importance in valuing a controlling interest.
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The financial calculus that Charlie and I employ would never permit our trading a good night's sleep for a shot at a few extra percentage points of return. I've never believed in risking what my friends and family have and need in order to pursue what they don't have and don't need.
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