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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
Lose
Loses
Guy
Way
Leverage
Broke
Smart

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I get to do what I like to do every single day of the year.
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In business, I look for economic castles protected by unbreachable 'moats'.
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When you're associating with the people that you love, doing what you love, it doesn't get any better than that.
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Investment decision should be made on the basis of the most probable compounding of after-tax net worth with minimum risk.
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I’ve worked in an economy that rewards someone who saves the lives of others on a battlefield with a medal, rewards a great teacher with thank-you notes from parents, but rewards those who can detect the mispricing of securities with sums reaching into the billions.
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We believe that according the name 'investors' to institutions that trade actively is like calling someone who repeatedly engages in one-night stands a 'romantic.'
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If you buy things you do not need, soon you will have to sell things you need.
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Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can't buy what is popular and do well.
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Resolution Trust Company was set up to liquidate a bunch of assets that the government had inherited because the savings and loans went broke.
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Never invest in a business you don't understand.
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Continually challenge and be willing to amend your best loved ideas.
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We've got all the ingredients for a sensational future.
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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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We don't read other people's opinions. We want to get the facts, and then think.
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It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.
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I never buy anything unless I can fill out on a piece of paper my reasons. I may be wrong, but I would know the answer to that ...I'm paying $32 billion today for the Coca Cola Company because... If you can't answer that question, you shouldn't buy it. If you can answer that question, and you do it a few times, you'll make a lot of money.
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Nothing sedates rationality like large doses of effortless money.
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If AIG had tried to unwind their derivatives books. I don't know. It would have hit every institution in the world.
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There is no perfect mathematical formula for pricing a business.
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