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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
Team
Firsts
Hierarchies
First
Clarifying
Important
Designing
People
Hierarchy
Reports
Rate
Design

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The three most important words in investing...Margin of Safety.
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The obligation of a society as prosperous as ours is to figure out how nobody gets left too far behind.
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If you've got a good enough business, if you have a monopoly newspaper, if you have a network television station - I'm talking of the past - you know, your idiot nephew could run it. And if you've got a really good business, it doesn't make any difference.
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Cash never makes us happy, but it's better to have the money burning a hole in Berkshire's pocket than resting comfortably in someone else's.
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The big question about how people behave is whether they've got an Inner Scorecard or an Outer Scorecard. It helps if you can be satisfied with an Inner Scorecard.
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We've had public companies in the past in that business and they bleed. We've got a lot more blood than they do.
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All but a few of the organizations do not specifically promise to deliver superior investment performance although it is perhaps not unreasonable for the public to draw such an inference from their advertised emphasis on professional management.
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The ideal business is one that earns very high returns on capital and that keeps using lots of capital at those high returns. That becomes a compounding machine.
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You know, with your money and my brains, I mean, there's no telling how far we'd go.
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We intend to continue our practice of working only with people whom we like and admire. This policy not only maximizes our chances for good results, it also ensures us an extraordinarily good time.
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You don't need to have extraordinary effort to achieve extraordinary results. You just need to do the ordinary, everyday things exceptionally well.
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Stocks are the only thing that people are happy to buy when the price goes up.
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Unless your answers are clearly better, copy the answers of your betters.
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There's nothing inappropriate about having debt in America. It's what helped us grow over time. And it's when debt gets out of control that you worry.
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We enjoy the process far more than the proceeds.
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The rich are always going to say that, you know, just give us more money and we'll go out and spend more and then it will all trickle down to the rest of you. But that has not worked the last 10 years, and I hope the American public is catching on.
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Cash, though, is to a business as oxygen is to an individual: never thought about when it is present, the only thing in mind when it is absent... When bills come due, only cash is legal tender. Don't leave home without it.
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Do what you love and work for whom you admire the most, and you've given yourself the best chance in life you can.
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Gold has two significant shortcomings, being neither of much use nor procreative.
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Fund consultants like to require style boxes such as long-short, macro, international equities. At Berkshire our only style box is smart.
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