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We are in effect making a - to some extent, making a choice between future inflation and getting our - getting off the floor. And we're likely - we're likely to have more inflation in the future as a consequence of the things we do to fight the present situation.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Making
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Fight
Inflation
Present
Floor
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More quotes by Warren Buffett

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You're neither right nor wrong because other people agree with you. You're right because your facts are right and your reasoning is right - that's the only thing that makes you right. And if your facts and reasoning are right, you don't have to worry about anybody else.
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I would say the biggest single cause was we had an incredible residential real estate bubble.
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You don't need to have extraordinary effort to achieve extraordinary results. You just need to do the ordinary, everyday things exceptionally well.
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In earlier years, a lesser effort produced literally dozens of comparable opportunities. It is difficult to be objective about the causes for such diminution of one's own productivity. Three factors that seem apparent are: (1) a somewhat changed market environment (2) our increased size and (3) substantially more competition.
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Does management resist the institutional imperative?
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You have to be able to communicate in life and probably schools underemphasize that. If you can't talk to people or write, you're giving up your potential.
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... but the important thing is that when you do find one where you really do know what you are doing, you must buy in quantity.... Charlie and I have made a dozen or so very big decisions relative to net worth, although not as big as they should have been. And in each of those, we've known that we were almost certain to be right going in.
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What you really want to do in investments is figure out what's important and knowable. If it's unimportant or unknowable you forget about it.
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Do not take yearly results too seriously. Instead, focus on four or five-year averages.
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Does the business have a consistent operating history?
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If I subscribed to the efficient market theory I would still be delivering papers
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I don't want to hold out false hopes that the - by some magic moment, that things will turn around in a couple months because they wouldn't, Charlie. I mean, and it's a big mistake to try and mislead people.
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Buy into a company because you want to own it, not because you want the stock to go up.
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You do not adequately protect yourself by being half awake when other are sleeping.
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You should be unconcerned about short-term price action when you own the securities directly, just as you were unconcerned when you owned them indirectly through BPL. I think about them as businesses, not stocks, and if the business does all right over the long term, so will the stock.
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You will be right, over the course of many transactions, if your hypotheses are correct, your facts are correct, and your reasoning is correct. True conservatism is only possible through knowledge and reason.
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If this is a war, my side has the nuclear bomb. We have K Street. We have Wall Street. Debbie doesn't have anybody. I want a government that is responsive to the people who got the short straw in life.
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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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The American worker is more productive than he's ever been.
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Never lie under any circumstances.
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