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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
Institution
Institutions
Tried
Books
Book
Every
Unwind
Would
World
Derivatives

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Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.
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Invest in as much of yourself as you can, you are your own biggest asset by far.
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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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I mean, in terms of alternatives, some people have suggested for example that why don't we - why isn't America doing what Berkshire Hathaway is doing? Why isn't that a better deal for America?
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When the brothel burns down, even the pretty girls have to run out.
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If knowing history made you rich, librarians would be billionaires.
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Larger sums may be an advantage at some cases and a disadvantage at others.
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The Stock Market is designed to transfer money from the Active to the Patient.
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The only way to get love is to be lovable. It's very irritating if you have a lot of money. You'd like to think you could write a check: I'll buy a million dollars' worth of love. But it doesn't work that way. The more you give love away, the more you get.
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Turnarounds seldom turn.
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The thing to do is to keep your mind when the world around you is losing theirs.
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A lot of people disagree with me on this, I believe in mark to market.
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Our goal is to find an outstanding business at a sensible price, not a mediocre business at a bargain price.
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We've been in a recession, by any common sense definition, because if you look at the American public, they've got 20 billion - 20 trillion, I should say, worth of residential homes.
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Observing that the market was FREQUENTLY efficient, EMT Adherents went on to conclude incorrectly that it was ALWAYS efficient. The difference between these propositions is night and day.
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Do not take yearly results too seriously. Instead, focus on four or five-year averages.
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In the world of business, the people who are most successful are those who are doing what they love.
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Risk can be greatly reduced by concentrating on only a few holdings.
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I have pledged - to you, the rating agencies and myself - to always run Berkshire with more than ample cash. We never want to count on the kindness of strangers in order to meet tomorrow's obligations. When forced to choose, I will not trade even a night's sleep for the chance of extra profits.
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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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