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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
Simply
Situation
Judgments
Company
Sensible
Come
Pass
Enough
Majority
Great
Judgment
Industry
Cases

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I certainly have no desire to sell a good controlled business run by people I like and admire, merely to obtain a fancy price. However, specific conditions may cause the sale of one operating unit at some point.
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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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We've used derivatives for many, many years. I don't think derivatives are evil, per se, I think they are dangerous.
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If I were the treasury secretary or head of the Fed, you know, I would try to scare the hell the out of the private sector and say, you better save this because you're going down with the ship.
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Earnings can be pliable as putty when a charlatan heads the company reporting them.
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We like to buy businesses, but we don't like to sell them.
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Nevertheless, as circumstances presently appear, I feel substantially greater size is more likely to harm future results than to help them. This might not be true for my own personal results, but it is likely to be true for your results.
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There are 309 million people out there that are trying to improve their lot in life. And we've got a system that allows them to do it.
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Mr. Market is your servant, not your guide.
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It's got to be the best intellectual exercise out there. You're seeing through new situations every ten minutes. In the stock market you don't base your decisions on what the market is doing, but on what you think is rational. Bridge is about weighing gain/loss ratios. You're doing calculations all the time.
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The nature of democracy is such that when there's - there'll be revulsion, obviously, towards - that's never going to happen again.
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At this point, when treasury bills, seven day treasury bills at 1/20th of one percent, it's not because people want to earn 1/20th of one percent, it's because they trust the fact the treasury will give it back to them next week.
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Diversification is protection against ignorance. It makes little sense if you know what you are doing.
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In investing, just as in baseball, to put runs on the scoreboard, one must watch the playing field, not the scoreboard.
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You can't make a good deal with a bad person.
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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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If you look at the Forbes 400, they are paying a lower rate, accounting payroll taxes, than their secretary or - whomever around their office.
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A public-opinion poll is no substitute for thought.
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I don't think you can have a better secretary of the Treasury than Hank Paulson.
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I mean, you may be very mad at some guy that walked away with a huge golden parachute, but that really isn't the important thing.
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