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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.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Cases
Simply
Situation
Judgments
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Sensible
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Pass
Enough
Majority
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More quotes by Warren Buffett

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I prefer liquor store robbers with hungry kids to companies that locate offshore to avoid U.S. taxes.
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The speed at which a business success is recognized, furthermore, is not that important as long as the company's intrinsic value is increasing at a satisfactory rate. In fact, delayed recognition can be an advantage: It may give us the chance to buy more of a good thing at a bargain price.
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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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Investment ideas, like women are often more exciting than punctual.
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It is unquestionably true that the investment companies have their money more conventionally invested than we do. To many people conventionality is indistinguishable from conservatism. In my view, this represents erroneous thinking. Neither a conventional nor an unconventional approach, per se, is conservative.
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I was lucky enough to be born in a time and place where society values my talent, and gave me a good education to develop that talent, and set up the laws and the finanical system to let me do what I love doing-and make a lot of money doing it. The least I can do is help pay for all that.
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I think the rest of the country should be paying less, the 95 percent that [Barack] Obama talks about or maybe even a little higher than that.
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Like most trends, at the beginning it's driven by fundamentals, at some point speculation takes over. What the wise man does in the beginning, the fool does in the end.
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Our system works. Over time, people will live better and better. We have a system that unleashes human potential, and now China has a system that unleashes human potential. We will have interruptions. We overshoot and undershoot sometimes, but your kids and grandkids will live better than you. Over time, we move ahead at a pretty damn rapid rate.
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I look for businesses in which I think I can predict what they're going to look like in ten to fifteen years time. Take Wrigley's chewing gum. I don't think the internet is going to change how people chew gum.
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Other guys read Playboy. I read annual reports.
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Beware of geeks bearing formulas.
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Over the years, a number of very smart people have learned the hard way that a long string of impressive numbers multiplied by a single zero always equals zero.
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We're perfectly willing to trade away a big payoff for a certain payoff.
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Knowing what to leave out is just as important as knowing what to focus on.
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The value of a business is the cash it's going to produce in the future.
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The one piece of advice I can give you is, do what turns you on. Do something that if you had all the money in the world, you’d still be doing it. You’ve got to have a reason to jump out of bed in the morning.
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Emotional makeup is more important than technical skill
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If you can't read the scoreboard. You don't know the score. If you don't know the score, you can't tell the winners from the losers.
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We have a country where I don't know whether it's a million households a year or more, but good form.
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