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A single year's performance is of minor importance and, good or bad, should never be taken seriously.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Years
Minors
Good
Performance
Never
Seriously
Performances
Importance
Single
Year
Taken
Minor

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When the brothel burns down, even the pretty girls have to run out.
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I could end the deficit in 5 minutes. You just pass a law that says that anytime there is a deficit of more than 3% of GDP all sitting members of congress are ineligible for reelection.
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One of the ironies of the stock market is the emphasis on activity. Brokers, using terms such as 'marketability' and 'liquidity,' sing the praises of companies with high share turnover... but investors should understand that what is good for the croupier is not good for the customer. A hyperactive stock market is the pick pocket of enterprise.
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Failure comes from ego, greed, envy, fear, imitation. I have success not because I am smart, but because I am rational.
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A bull market is like sex. It feels best just before it ends.
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The single most important decision in evaluating a business is pricing power.
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What's going to happen - things we're doing are going to have some inflationary consequences.
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I never invest in anything that I don't understand.
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If I got any good ideas out of that or I think they're good ideas, I'll be glad to contribute them but the system will probably overdo some other things.
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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. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.
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It's very important that the determination of the US Congress to do what is is needed be made evident this week and by the actions of most of the members. I mean, you're not going to get total assent.
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Time is the friend of the wonderful company, the enemy of the mediocre.
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If principles can become dated, they're not principles.
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Fear is the foe of the faddist, but the friend of the fundamentalist.
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Having a large amount of leverage is like driving a car with a dagger on the steering wheel pointed at your heart. If you do that, you will be a better driver. There will be fewer accidents but when they happen, they will be fatal.
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I don't need 15 houses. Owning real estate doesn't mean much to me. I don't like to think about things like that. I don't need 12 boats, or even the world's largest boat with a crew of 80. I'd have to take care of them, to worry about them. I get a lot more fun out of life without all the bells and whistles.
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An investor needs to do very few things right as long as he or she avoids big mistakes.
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You will be right, over the course of many transactions, if your hypotheses are correct, your facts are correct, and your reasoning is correct. True conservatism is only possible through knowledge and reason.
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Interest rates are to asset prices what gravity is to the apple. When there are low interest rates, there is a very low gravitational pull on asset prices.
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You have to turn over a lot of rocks to find those little anomalies. You have to find the companies that are off the map - way off the map.
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