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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
Broke
Smart
Lose
Loses
Guy
Way
Leverage

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Read 500 pages every day. That's how knowledge works. It builds up like compound interest.
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If I subscribed to the efficient market theory I would still be delivering papers
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The greater the potential for reward in the value portfolio, the less risk there is.
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An irresistable footnote: in 1971, pension fund managers invested a record 122% of net funds available in equities - at full prices they couldn't buy enough of them. In 1974, after the bottom had fallen out, they committed a then record low of 21% to stocks.
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There is no question we have an access stock.
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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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Always associate yourself with people who are better than you.
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We have embraced the 21st century by entering such cutting-edge industries as brick, carpet, insulation and paint. Try to control your excitement.
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I don't want to hold out false hopes that the - by some magic moment, that things will turn around in a couple months because they wouldn't, Charlie. I mean, and it's a big mistake to try and mislead people.
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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.
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Working with people who cause your stomach to churn seems much like marrying for money - probably a bad idea under any circumstances, but absolute madness if you are already rich.
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You should be unconcerned about short-term price action when you own the securities directly, just as you were unconcerned when you owned them indirectly through BPL. I think about them as businesses, not stocks, and if the business does all right over the long term, so will the stock.
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The dumbest reason in the world to buy a stock is because it's going up.
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I would push purchasing power - you push out $1,000 of purchasing to those people, it's going to get - it's going to get spent. And it needs to be spent. They need it. And it should come, to some extent, from guys like me.
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Beware [of] the investment activity that produces applause the great moves are usually greeted by yawns.
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The extraordinary business does not require good management.
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I know the country works extremely well. You know, but when it isn't clogged up.
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