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You have no ability, if you're a financial institution and you're threatened with criminal prosecution, you have no ability to negotiate.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Ability
Prosecution
Negotiate
Institution
Threatened
Criminal
Criminals
Financial
Institutions

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Fear is the foe of the faddist, but the friend of the fundamentalist.
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My wealth has come from a combination of living in America, some lucky genes, and compound interest.
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This country is going - be living better ten years from now than it is now. It will be living better in 20 years from now than ten years from now. The ingredients that made this country, you know, the miracle of the world - I mean we had a seven for one improvement in the average American standard of living in the 20th century.
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In the insurance business, there is no statute of limitation on stupidity.
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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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I have pledged - to you, the rating agencies and myself - to always run Berkshire with more than ample cash. We never want to count on the kindness of strangers in order to meet tomorrow's obligations. When forced to choose, I will not trade even a night's sleep for the chance of extra profits.
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At Berkshire, I both initiate and monitor every derivatives contract on our books ... If Berkshire ever gets in trouble, it will be my fault. It will not be because of the misjudgments made by a risk committee or chief risk officer.
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I'd rather have a $10 million business making 15 per cent than a $100 million business making 5 per cent.
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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 you don't feel comfortable owning something for 10 years, then don't own it for 10 minutes.
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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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In the great majority of cases we simply do not know enough about the industry or company to come to sensible judgments-in that situation we pass.
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