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So some guy may know how to make money in cocoa beans, but I don't so I just let him have that. But it's got to be something I understand. It's got to be a business with fundamentally good economics. It's got to be a management that I like and trust and admire. And it's got to be a price that makes sense.

Warren Buffett

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

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Inactivity strikes us as intelligent behavior.
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Fund consultants like to require style boxes such as long-short, macro, international equities. At Berkshire our only style box is smart.
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Wide diversification is only required when investors do not understand what they are doing.
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It's a nightmare to administer some of this sort of thing, but I want to tell the shareholders of Berkshire, to the percent we own marketable securities or things for which there are market, even if those markets - I want to tell them what it's all about.
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Fear is the foe of the faddist, but the friend of the fundamentalist.
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Interest rates are to asset prices what gravity is to the apple. When there are low interest rates, there is a very low gravitational pull on asset prices.
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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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There are three kinds of people: 1. Innovators. 2. Imitators. 3. Idiots.
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If past history was all there was to the game, the richest people would be librarians.
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Learning how to live is much more important than learning how to make a living.
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It's a big mistake to try and mislead people. They will turn around.
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If book knowledge made great investors, than the librarians would all be rich.
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The real fortunes in this country have been made by people who have been right about the business they invested in, and not right about the timing of the stock market.
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Remember that the stock market is manic-depressive.
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A very rich person should leave his kids enough to do anything, but not enough to do nothing.
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My net worth is the market value of holdings less the tax payable upon sale. The liability is just as real as the asset unless the value of the asset declines (ouch), the asset is given away (no comment), or I die with it. The latter course of action would appear to at least border on a Pyrrhic victory.
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If I got a chance to take one percent of the deal either way, I would make that bet.
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A hyperactive stock market is the pickpocket of enterprise.
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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.
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Accounting consequences do not influence our operating or capital-allocation decisions. When acquisition costs are similar, we much prefer to purchase $2 of earnings that is not reportable by us under standard accounting principles than to purchase $1 of earnings that is reportable.
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