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Having first rate people on the team is more important than designing hierarchies and clarifying who reports to whom.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Important
Designing
People
Hierarchy
Reports
Rate
Design
Team
Firsts
Hierarchies
First
Clarifying

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What's nice about investing is you don't have to swing at every pitch.
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Very successful people say no to almost everything.
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You should invest like a Catholic marries: for life.
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The latter qualification brings to mind a fellow who applied for a job and stated he had twenty years of experience-which was corrected by a former employer to read one year's experience-twenty times.
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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 make mistakes you can't make decisions.
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The woman that comes in, takes the wastebasket away, she's paying 15.3 or whatever it is on payroll tax alone. I mean it is - I never had it so good.
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We don't have to be smarter than the rest. We have to be more disciplined than the rest.
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The Fed is the greatest hedge fund in history.
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If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes. Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio's market value.
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We try to buy businesses with good-to-superb underlying economics run by honest and able people and buy them at sensible prices. That's all I'm trying to do.
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If the world couldn't see your results, would you rather be thought of as the world's greatest investor but in reality have the world's worst record? Or be thought of as the world's worst investor when you were actually the best?
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I think once you start putting phony figures into financial statements, you get in a lot of trouble. And we've seen so much of that in the last 20 years.
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Wall Street makes its money on activity. You make your money on inactivity.
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The much-maligned idle rich have received a bad rap: They have maintained their wealth while many There is scarcely an instance of a man who has made a fortune by speculation and kept it. Andrew Carnegie of the energetic rich, aggressive real estate operators, corporate acquirers, oil drillers, etc. have their fortunes disappear.
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I've made money over the years by buying into good companies, run by good people, at attractive prices. And I don't try and make it out of buying into the market at one point and selling at another point.
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You have to be able to communicate in life and probably schools underemphasize that. If you can't talk to people or write, you're giving up your potential.
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When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.
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It's a lot easier to buy things than it is to sell them.
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OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.
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