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I have never been able to understand why the tax comes as such a body blow to many people since the rate on long-term capital gain is lower than on most likes of endeavor (tax policy indicated digging ditches is regarded as socially less desirable than shuffling stock certificates).

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Able
Taxes
Endeavor
Shuffling
Many
Policy
Lower
Indicated
Long
Since
Capital
Certificates
Never
Term
Gain
Socially
People
Less
Likes
Digging
Understand
Gains
Regarded
Comes
Blow
Desirable
Body
Rate
Stock
Ditches

More quotes by Warren Buffett

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I don't really think that, as a society, we [americans] want to confer blessings on generation after generation who contribute nothing to society, simply because somebody in the far distant past happened to amass a great sum of wealth.
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The 19th century belonged to England, the 20th century belonged to the U.S., and the 21st century belongs to China. Invest accordingly.
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Wall Street makes its money on activity. You make your money on inactivity.
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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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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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The dumbest reason in the world to buy a stock is because it's going up.
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Never invest in a business you don't understand.
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The truth is, everything that has happened in my life... that I thought was a crushing event at the time, has turned out for the better.
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You should be unconcerned about short-term price action when you own the securities directly, just as you were unconcerned when you owned them indirectly through BPL. I think about them as businesses, not stocks, and if the business does all right over the long term, so will the stock.
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I sent one e-mail in my life. I sent it to Jeff Raikes at Microsoft, and it ended up in court in Minneapolis, so I am one for one.
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I don't want to hold out false hopes that the - by some magic moment, that things will turn around in a couple months because they wouldn't, Charlie. I mean, and it's a big mistake to try and mislead people.
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You don't need to have extraordinary effort to achieve extraordinary results. You just need to do the ordinary, everyday things exceptionally well.
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Sound investing can make you very wealthy if you're not in too big a hurry
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I would say the biggest single cause was we had an incredible residential real estate bubble.
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To be successful, you should concentrate on the world of companies, not arcane accounting mathematics.
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In earlier years, a lesser effort produced literally dozens of comparable opportunities. It is difficult to be objective about the causes for such diminution of one's own productivity. Three factors that seem apparent are: (1) a somewhat changed market environment (2) our increased size and (3) substantially more competition.
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Investors making purchases in an overheated market need to recognize that it may often take an extended period for the value of even an outstanding company to catch up with the price they paid.
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Focus on your customers and lead your people as though their lives depend on your success.
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Learning how to live is much more important than learning how to make a living.
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Be fearful when there is greed and be greedy when there is fear.
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