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Market prices for stocks fluctuate at great amplitudes around intrinsic value but, over the long term, intrinsic value is virtually always reflected at some point in market price.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Long
Price
Always
Market
Value
Fluctuate
Term
Intrinsic
Point
Stocks
Values
Reflected
Around
Virtually
Great
Prices

More quotes by Warren Buffett

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In a bull market, one must avoid the error of the preening duck that quacks boastfully after a torrential rainstorm, thinking that its paddling skills have caused it to rise in the world. A right-thinking duck would instead compare its position after the downpour to that of the other ducks on the pond.
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Intensity is the price of excellence.
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Never be afraid to ask for too much when selling or offer too little when buying.
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The future is never clear you pay a very high price in the stock market for a cheery consensus. Uncertainty actually is the friend of the buyer of long-term values.
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I knew a lot about what I did when I was 20. I had read a lot, and I aspired to learn everything I could about the subject.
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Investing is not as tough as being a top-notch bridge player. All it takes is the ability to see things as they really are.
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We say we are trying to buy into businesses with excellent economics, run by honest and able people at a decent price. We buy very few securities, so we look at it as focused investing.
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I don't want to be on the other side of the table from the customer. I was never selling anything that I didn't believe in myself or use myself.
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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 think any time you couple the term Wall Street with bailout or something like that, you know - I don't like what's going on in Wall Street.
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I've never been very fully employed either but just think of what it's like, you know, to go home with a mortgage payment you know and kids and everything else. My dad had that happen to him in the early '30s.
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The truth is that I've got all my net worth safely in Berkshire and I will never sell a share so there is no one more concerned about what happens after my death than I am.
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Diversification may preserve wealth, but concentration builds wealth.
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I think people - what people want to do is make [economy] get worse.
Warren Buffett
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I have three boxes on my desk: In, Out, and Too Hard.
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We don't get paid for activity, just for being right. As to how long we'll wait, we'll wait indefinitely.
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The capital gains tax is 15 percent now. So I sit there in my office and I make a lot of money by capital gains, and I pay 15 percent, and I pay no payroll tax on it.
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You get what I call the natural progression, the three Is. The innovators, the imitators, and the idiots.
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In a commodity business, it's very hard to be smarter than your dumbest competitor.
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What an investor needs is the ability to correctly evaluate selected businesses. Note that word “selected”: You don't have to be an expert on every company, or even many. You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important knowing its boundaries, however, is vital.
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