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It's going to be tough because the economy is going to be getting worse for a while. And it might fall off a cliff if this doesn't pass. But nobody will ever know that if it does.
Warren Buffett
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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Economy
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More quotes by Warren Buffett
Investing is forgoing consumption now in order to have the ability to consume more at a later date.
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At Berkshire, I both initiate and monitor every derivatives contract on our books ... If Berkshire ever gets in trouble, it will be my fault. It will not be because of the misjudgments made by a risk committee or chief risk officer.
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We really can say no in 10 seconds or so to 90%+ of all the things that come along simply because we have these filters.
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An investor should ordinarily hold a small piece of an outstanding business with the same tenacity that an owner would exhibit if he owned all of that business.
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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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Investing in a market where people believe in efficiency is like playing bridge with someone who has been told it doesn't do any good to look at the cards.
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You ought to be able to explain why you’re taking the job you’re taking, why you’re making the investment you’re making, or whatever it may be. And if it can’t stand applying pencil to paper, you’d better think it through some more. And if you can’t write an intelligent answer to those questions, don’t do it.
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Read Ben Graham and Phil Fisher read annual reports, but don't do equations with Greek letters in them.
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So some guy may know how to make money in cocoa beans, but I don't so I just let him have that. But it's got to be something I understand. It's got to be a business with fundamentally good economics. It's got to be a management that I like and trust and admire. And it's got to be a price that makes sense.
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We would do best in a market where everyone acted foolishly.
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You have to turn over a lot of rocks to find those little anomalies. You have to find the companies that are off the map - way off the map.
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The best thing that happens to us is when a great company gets into temporary trouble...We want to buy them when they're on the operating table.
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Failure comes from ego, greed, envy, fear, imitation. I have success not because I am smart, but because I am rational.
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Would you rather be the world's greatest lover, but have everyone think you're the world's worst lover? Or would you rather be the world's worst lover but have everyone think you're the world's greatest lover? Now, that's an interesting question.
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You should look at stocks as small pieces of business.
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We always see shifts in employment. If you think about it, if you go back to 1800, it took 80 percent of the labor force to produce enough food for the country. Now it takes less than 3 percent. Well, the truth is that market systems move people around.
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I think that both parties should declare the debt limit as a political weapon of mass destruction which can't be used. I mean, it is silly to have a country that has 237 years building up its reputation and then have people threaten to tear it down because they're not getting some other matter.
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I have a wonderful family. I have a job that I love and wonderful people who help me with it. It can't get any better than that.
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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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Don't risk what is important to you, to get what is not important to you.
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