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I think you'll have plenty of scrutiny as how the money's invested. I mean, just like the RFC. When the RFC operated, people knew which institutions they were buying preferred stock in. And it worked very well.

Warren Buffett

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

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My rather puritanical view is that any investment manager, whether operating as broker, investment counselor of a trust department, investment company, etc., should be willing to state unequivocally what he is going to attempt to accomplish and how he proposes to measure the extent to which he gets the job done.
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Diversification may preserve wealth, but concentration builds wealth.
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A low-cost index fund is the most sensible equity investment for the great majority of investors. My mentor, Ben Graham, took this position many years ago, and everything I have seen since convinces me of its truth.
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Asset-heavy businesses generally earn low rates of return - rates that often barely provide enough capital to fund the inflationary needs of the existing business, with nothing left over for real growth, for distribution to owners, or for acquisition of new businesses
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I think people - what people want to do is make [economy] get worse.
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No formula in finance tells you that the moat is 28 feet wide and 16 feet deep. That's what drives the academics crazy. They can compute standard deviations and betas, but they can't understand moats.
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The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.
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Never be afraid to ask for too much when selling or offer too little when buying.
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I'm putting all my money in the Chinese toy market.
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Writing a check separates a commitment from a conversation.
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The three most important words in investing...Margin of Safety.
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Always invest for the long term.
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Read 500 pages every day. That's how knowledge works. It builds up like compound interest.
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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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The .350 hitter expects, and also deserves, a big payoff for his performance - even if he plays for a cellar-dwelling team. And a .150 hitter should get no reward - even if he plays for a pennant winner.
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Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing.
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Over the years, Charlie [Munger, Berkshire Hathaway Vice Chairman] and I have observed many accounting-based frauds of staggering size. Few of the perpetrators have been punished many have not even been censured. It has been far safer to steal large sums with pen than small sums with a gun.
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We like to buy businesses, but we don't like to sell them.
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Very successful people say no to almost everything.
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What we really want to do is buy businesses that we would be happy to own forever.
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