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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
Books
Book
Every
Would
Unwind
World
Derivatives
Institution
Institutions
Tried

More quotes by Warren Buffett

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In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts the Depression a dozen or so recessions and financial panics oil shocks a flu epidemic and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.
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Be brave when others are afraid, and afraid when others are brave.
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It isn't given to man to be able to run a financial institution where different interest-rate scenarios will prevail on all of that so as to produce kind of smooth, regular earnings from a very large base to start with.
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I don't want to be on the other side of the table from the customer. I was never selling anything that I didn't believe in myself or use myself.
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What's going to happen - things we're doing are going to have some inflationary consequences.
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I have always cautioned partners that I considered three years a minimum in determining whether we were performing.
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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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If you own a wonderful business...the best thing to do is keep it. All you're going to do is trade your wonderful business for a whole bunch of cash, which isn't as good as the business, and you got the problem of investing in other businesses, and you probably paid a tax in between. So my advice to anybody who owns a wonderful business is keep it.
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Mr. Market is kind of a drunken psycho. Some days he gets very enthused, some days he gets very depressed. And when he get really enthused you sell to him, and if he gets depressed, you buy from him. There's no moral taint attached to that.
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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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It is not necessary to do extraordinary things to get extraordinary results.
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It's got to be the best intellectual exercise out there. You're seeing through new situations every ten minutes. In the stock market you don't base your decisions on what the market is doing, but on what you think is rational. Bridge is about weighing gain/loss ratios. You're doing calculations all the time.
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The dumbest reason in the world to buy a stock is because it's going up.
Warren Buffett
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It makes a difference who the treasury secretary is.
Warren Buffett
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I am not in the business of predicting general stock market of business fluctuations. If you think I can do this, or think it is essential to an investment program, you should not be in the partnership.
Warren Buffett
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The obligation of a society as prosperous as ours is to figure out how nobody gets left too far behind.
Warren Buffett
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What we learn from history is that people don't learn from history.
Warren Buffett
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If I eat 2,700 calories a day, a quarter of that is Coca-Cola.
Warren Buffett
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Stocks of companies selling commodity-like products should come with a warning label: Competition may prove hazardous to human wealth.
Warren Buffett
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The dominant factors affecting control valuations are earning power (past and prospective) and asset values.
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