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You can lose leverage, and it's the only way a smart guy can go broke.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Guy
Way
Leverage
Broke
Smart
Lose
Loses

More quotes by Warren Buffett

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Today people who hold cash equivalents feel comfortable. They shouldn't. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value.
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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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It's us fun being a horse when the tractor comes along, or the blacksmith when the car comes along.
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I think it will get moving faster. I mean once you get it off the - once credit flows - now the recession is going to get worse.
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Our policy is to concentrate holdings. We try to avoid buying a little of this or that when we are only lukewarm about the business or its price. When we are convinced as to attractiveness, we believe in buying worthwhile amounts.
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Does the business have a consistent operating history?
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Risk comes from not knowing what you're doing.
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Too often, a vast collection of possessions ends up possessing its owner.
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I can't promise results, but I can promise a common destiny.
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We don't get paid for being busy, we get paid for being right.
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You will be right, over the course of many transactions, if your hypotheses are correct, your facts are correct, and your reasoning is correct. True conservatism is only possible through knowledge and reason.
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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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When you get to my age, you’ll measure your success in life by how many of the people you want to have love you actually do love you. That’s the ultimate test of how you’ve lived your life.
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We have long felt that the only value of stock forecasters is to make fortune-tellers look good.
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Don't invest in pieces of papers (stocks), invest in great businesses underlying them
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If you don't feel comfortable owning something for 10 years, then don't own it for 10 minutes.
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Read 500 pages every day. That's how knowledge works. It builds up like compound interest.
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What's going to happen - things we're doing are going to have some inflationary consequences.
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It's just that right now the athlete's on the floor. But we - this is a super athlete.
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The patient that's on the floor with the cardiac arrest is not Wall Street. It's the American economy.
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