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Although we deal with probabilities and expectations, the actual results can deviate substantially from such expectations, particularly on a short-term basis.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Short
Deviate
Deal
Probability
Deals
Actual
Results
Basis
Term
Bases
Particularly
Although
Probabilities
Expectations
Substantially

More quotes by Warren Buffett

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Look at market fluctuations as your friend rather than your enemy profit from folly rather than participate in it.
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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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No matter how great the talent or efforts, some things just take time.
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We would do best in a market where everyone acted foolishly.
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I am not worried about the country. I'm just worried about anything that gums up the potential of the country. And right now, it's pretty gummed up.
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Turnarounds seldom turn.
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The ideal business is one that earns very high returns on capital and that keeps using lots of capital at those high returns. That becomes a compounding machine.
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If you don't find a way to make money while you sleep, you will work until you die.
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The power of unconditional love. I mean, there is no power on earth like unconditional love.
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Possessing a powerful worldwide brand is essential for sustained success.
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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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I happen to have a talent for allocating capital. But my ability to use that talent is completely dependent on the society I was born into. If I'd been born into a tribe of hunters, this talent of mine would be pretty worthless. I can't run very fast. I'm not particularly strong. I'd probably end up as some wild animal's dinner.
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The stock market is a wonderfully efficient mechanism for transferring wealth from the impatient to the patient.
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If you want a government that's going to do the things we ask our government to do, you've got to get it from somebody.
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A great investment opportunity occurs when a marvelous business encounters a one-time huge, but solvable problem.
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When forced to choose, I will not trade even a night's sleep for the chance of extra profits.
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If you understood a business perfectly and the future of the business, you need very little in the way of a margin of safety.
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It isn't given to man to be able to run a financial institution where different interest-rate scenarios will prevail on all of that so as to produce kind of smooth, regular earnings from a very large base to start with.
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A market downturn, doesn't bother us. For us and our long term investors, it is an opportunity to increase our ownership of great companies with great management at good prices. Only for short term investors and market timers is a correction not an opportunity.
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Asset values and earning power are the dominant factors affecting the valuation of a controlling interest in a business. Market price, which governs valuation of minority interest positions, is of little or no importance in valuing a controlling interest.
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