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Don't invest in pieces of papers (stocks), invest in great businesses underlying them

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Invest
Papers
Businesses
Paper
Pieces
Great
Stocks
Underlying

More quotes by Warren Buffett

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If you buy the things you don't need, you will soon be selling the things that you need.
Warren Buffett
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If we start deciding, based on guesses or emotions, whether we will or won't participate in a business where we should have some long run edge, we're in trouble.
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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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Asset-heavy businesses generally earn low rates of return - rates that often barely provide enough capital to fund the inflationary needs of the existing business, with nothing left over for real growth, for distribution to owners, or for acquisition of new businesses
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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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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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With each investment you make, you should have the courage and the conviction to place at least ten per cent of your net worth in that stock
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Most investors, both institutional and individual, will find that the best way to own common stocks (shares') is through an index fund that charges minimal fees. Those following this path are sure to beat the net results (after fees and expenses) of the great majority of investment professionals.
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The smartest side to take in a bidding war is the losing side.
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You get in a lot of trouble when you start putting fictitious numbers.
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Good big decisions do not take time at all, if they do you are in trouble.
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Managers thinking about accounting issues should never forget one of Abraham Lincoln's favorite riddles: How many legs does a dog have, if you call a tail a leg? The answer: Four, because calling a tail a leg doesn't make it a leg.
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Risk is a part of God's game, alike for men and nations.
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... but the important thing is that when you do find one where you really do know what you are doing, you must buy in quantity.... Charlie and I have made a dozen or so very big decisions relative to net worth, although not as big as they should have been. And in each of those, we've known that we were almost certain to be right going in.
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The time to buy stocks is consistently over time. You should never buy your investments with the idea, 'I have to get a certain return.' You should look at the best return possible and learn to live with that. But you should not try to make your investments earn what you feel you need. It doesn't work that way. The stock doesn't know you own it.
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The best business returns are usually achieved by companies that are doing something quite similar today to what they were doing five or ten years ago.
Warren Buffett
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I get to do what I like to do every single day of the year.
Warren Buffett
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We all make mistakes. If you can't make mistakes, you can't make decisions. I've made a lot bigger mistakes myself.
Warren Buffett
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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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Don't risk what is important to you, to get what is not important to you.
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