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We set no volume goals in our insurance business generally-and certainly not in reinsurance-as virtually any volume can be achieved if profitability standards are ignored.
Warren Buffett
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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Generally
Standards
Profitability
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Insurance
Business
Ignored
Volume
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Goals
More quotes by Warren Buffett
Of one thing be certain: if a CEO is enthused about a particularly foolish acquisition, both his internal staff and his outside advisors will come up with whatever projections are needed to justify his stance. Only in fairy tales are emperors told that they are naked.
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The single most important decision in evaluating a business is pricing power.
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What the wise do in the beginning, fools do in the end.
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You are neither right nor wrong because the crowd disagrees with you.
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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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The difference between successful people and really successful people is that really successful people say no to almost everything.
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I read annual reports of the company I'm looking at and I read the annual reports of the competitors - that is the main source of material.
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A stock doesn't know that you own it.
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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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Charlie [Munger] and I are not big fans of resumes. Instead, we focus on brains, passion and integrity.
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It's easy to identify many investment managers with great recent records. But past results, though important, do not suffice when prospective performance is being judged. How the record has been achieved is crucial.
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I'll tell you why I like the cigarette business. It cost a penny to make. Sell it for a dollar. It's addictive. And there's a fantastic brand loyalty.
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There is seldom just one cockroach in the kitchen. You know, you turn on the light and, all of sudden, they all start scurrying around.
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Managers and investors alike must understand that accounting numbers are the beginning, not the end, of business valuation.
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Investing in yourself is the best thing you can do. If you've got talents, no one can take them from you.
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... not doing what we love in the name of greed is very poor management of our lives.
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When you listen to tax-cut rhetoric, remember that giving one class of taxpayer a break requires - now or down the line - that an equivalent burden be imposed on other parties. In other words, if I get a break, someone else pays. Government can't deliver a free lunch to the country as a whole. It can however, determine who pays for lunch.
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Calculate owner earnings to get a true reflection of value.
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I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business.
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I'll take the deal, whatever you want to do.
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