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If AIG had tried to unwind their derivatives books. I don't know. It would have hit every institution in the world.

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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Every
Would
Unwind
World
Derivatives
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It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.
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Unless your answers are clearly better, copy the answers of your betters.
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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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A lot of people disagree with me on this, I believe in mark to market.
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The capital gains tax is 15 percent now. So I sit there in my office and I make a lot of money by capital gains, and I pay 15 percent, and I pay no payroll tax on it.
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The greatest investment a young person can make is in their own education, in their own mind. Because money comes and goes. Relationships come and go. But what you learn once stays with you forever.
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I've never been very fully employed either but just think of what it's like, you know, to go home with a mortgage payment you know and kids and everything else. My dad had that happen to him in the early '30s.
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I happen to have a talent for allocating capital. But my ability to use that talent is completely dependent on the society I was born into. If I'd been born into a tribe of hunters, this talent of mine would be pretty worthless. I can't run very fast. I'm not particularly strong. I'd probably end up as some wild animal's dinner.
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When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.
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Don't settle for anything other than your passion - if you're lucky enough to find it.
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Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy only when others are fearful.
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When 40 billion of treasury bills are sold like, seven day treasury bills, at a yield of 1/20th of one percent, that means the whole country is basically at the point virtually, or a lot of the country is at the point of putting the money under the mattress.
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You are lucky in life if you have the right heroes. I advise all of you, to the extent you can, to pick out a few heroes
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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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What motivates most gold purchasers is their belief that the ranks of the fearful will grow ... As 'bandwagon' investors join any party, they create their own truth - for a while.
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Intensity is the price of excellence.
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Great investment opportunities come around when excellent companies are surrounded by unusual circumstances that cause the stock to be misappraised.
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If you can't read the scoreboard. You don't know the score. If you don't know the score, you can't tell the winners from the losers.
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A Company should be viewed as an unfolding movie, not as a still photograph
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Successful Investing takes time, discipline and patience. No matter how great the talent or effort, some things just take time: You can't produce a baby in one month by getting nine women pregnant.
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