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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
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Nebraska
Warren Edward Buffett
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If you invested in a very low cost index fund - where you don't put the money in at one time, but average in over 10 years -you'll do better than 90% of people who start investing at the same time.
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We will reject interesting opportunities rather than over-leverage our balance sheet.
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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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I'd rather have a $10 million business making 15 per cent than a $100 million business making 5 per cent.
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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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Anything can happen in stock markets and you ought to conduct your affairs so that if the most extraordinary events happen, that you're still around to play the next day.
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Do not save what is left after spending, but spend what is left after saving.
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The fundamental basis of above-average performance in the long run is sustainable competitive advantage.
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The speed at which a business success is recognized, furthermore, is not that important as long as the company's intrinsic value is increasing at a satisfactory rate. In fact, delayed recognition can be an advantage: It may give us the chance to buy more of a good thing at a bargain price.
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Does the business have favourable long term prospects?
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I can do anything I want, basically, as long as it doesn't involve athletic ability, or something like that.
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We enjoy the process far more than the proceeds.
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Knowing what to leave out is just as important as knowing what to focus on.
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Basically, the single-most important decision in evaluating a business is pricing power.
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Read Ben Graham and Phil Fisher read annual reports, but don't do equations with Greek letters in them.
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We have usually made our best purchases when apprehensions about some macro event were at a peak. Fear is the foe of the faddist, but the friend of the fundamentalist.
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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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Lethargy bordering on sloth remains the cornerstone of our investment style. The exception was Wells Fargo, a superbly-managed, high-return banking operation in which we increased our ownership to just under 10%, the most we can own without the approval of the Federal Reserve Board.
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I have a house that I bought 55 years ago. It's warm in the winter it's cool in the summer. It has everything I wanted, plus it has all kinds of good memories. Like my kids, I have good thoughts about that. I can't imagine living any better.
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Cash, though, is to a business as oxygen is to an individual: never thought about when it is present, the only thing in mind when it is absent... When bills come due, only cash is legal tender. Don't leave home without it.
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