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I mean, if Pearl Harbor came along, you could have said the planning was wrong by the military ahead of time or maybe the battleships shouldn't have all been in the harbor and all that kind of thing.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
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Omaha
Nebraska
Warren Edward Buffett
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More quotes by Warren Buffett

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Investing is laying out money now to get more money back in the future.
Warren Buffett
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One of the ironies of the stock market is the emphasis on activity. Brokers, using terms such as 'marketability' and 'liquidity,' sing the praises of companies with high share turnover... but investors should understand that what is good for the croupier is not good for the customer. A hyperactive stock market is the pick pocket of enterprise.
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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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Investors... can't pick stocks that are better than average. Stocks are a good thing to own over time. There's only two things you can do wrong: You can buy the wrong ones, and you can buy or sell them at the wrong time. And the truth is you never need to sell them.
Warren Buffett
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I find that the standard of living does not go up in proportion with the cost of living. The trick in life is to do things that are fun all the time.
Warren Buffett
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Over the years, Charlie [Munger, Berkshire Hathaway Vice Chairman] and I have observed many accounting-based frauds of staggering size. Few of the perpetrators have been punished many have not even been censured. It has been far safer to steal large sums with pen than small sums with a gun.
Warren Buffett
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Uncertainty is the friend of the buyer of long term values.
Warren Buffett
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The dumbest reason in the world to buy a stock is because it's going up.
Warren Buffett
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The U.S. Treasury has got borrowing costs like nobody else has.
Warren Buffett
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Much success can be attributed to inactivity. Most investors cannot resist the temptation to constantly buy and sell.
Warren Buffett
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Success is having people love you that you want to have love you.
Warren Buffett
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Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life.
Warren Buffett
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We need to throw the resources at this that are necessary. But like I say, we are not spending money. I mean, if we buy these assets intelligently, the United States Treasury will make money. I mean, it's borrowing money. It's just a few percent a year.
Warren Buffett
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If you knew what was going to happen in the economy, you still wouldn't necessarily know what was going to happen in the stock market.
Warren Buffett
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Let blockheads read what blockheads wrote.
Warren Buffett
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Our goal is to find an outstanding business at a sensible price, not a mediocre business at a bargain price.
Warren Buffett
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Somebody's buying these treasury bills at 1/20th of one percent. Consuming about $2 billion a day of goods and services beyond what we're producing. In other words, the rest of the world sends about $2 billion a day net of something.We got to send them something in return, don't we. So we send them little pieces of paper.
Warren Buffett
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This country is going - be living better ten years from now than it is now. It will be living better in 20 years from now than ten years from now. The ingredients that made this country, you know, the miracle of the world - I mean we had a seven for one improvement in the average American standard of living in the 20th century.
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Managers and investors alike must understand that accounting numbers are the beginning, not the end, of business valuation.
Warren Buffett
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We've been in a recession, by any common sense definition, because if you look at the American public, they've got 20 billion - 20 trillion, I should say, worth of residential homes.
Warren Buffett