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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.

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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More quotes by Warren Buffett

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I do not like debt and do not like to invest in companies that have too much debt, particularly long-term debt. With long-term debt, increases in interest rates can drastically affect company profits and make future cash flows less predictable.
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The gross profits in many workouts appear quite small. It's a little like looking for parking meters with some time left on them. However, the predictability coupled with a short holding period produces quite decent average annual rates of return after allowance for the occasional substantial loss.
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With housing it's something even more dramatic than that, because most people aspire to own their own home.If you really think that houses prices are going to go up next year and the year after, you feel if I don't buy it this year, I'm going to have to buy it next year.That's not true of an Internet stock. But it's true of a home.
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The reaction of weak management to weak operations is often weak accounting.
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People should always know better.
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I did not think I would see the day when, you know, an AIG would not be able to have its checks clear.
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People who watch their weight, golf scores, and fuel bills seem to shun quantitative evaluation of their investment management skills although it involves the most important client in the world-themselves.
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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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Outstanding long-term results are produced primarily by avoiding dumb decisions, rather than by making brilliant ones.
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If you expect to continue to purchase stocks throughout your life, you should welcome price declines as a way to add stocks more cheaply to your portfolio.
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The only question is whether you’re going to do it today or tomorrow. If you keep saying you’re going to do it tomorrow, you’ll never do it. You have to get on it today.
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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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There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.
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Investing requires qualities of temperament way more than it requires qualities of intellect.
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So if you are evaluating others (or yourself!) in the investment field, think out some standards - apply them - interpret them.
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Life is like a snowball. The important thing is finding wet snow and a really long hill.
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Investors should be skeptical of history-based models. Constructed by a nerdy-sounding priesthood using esoteric terms such as beta, gamma, sigma and the like, these models tend to look impressive. Too often, though, investors forget to examine the assumptions behind the models. Beware of geeks bearing formulas.
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If you owe money, you can't pay them out. You just pay for everything, you do smart things, you eventually get very rich.
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When Berkshire buys common stock, we approach the transaction as if we were buying into a private business.
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If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy.
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