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If you've got the power to raise prices without losing business to a competitor, you've got a very good business. And if you have to have a prayer session before raising the price by a tenth of a cent, then you've got a terrible business. I've been in both, and I know the difference.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Difference
Competitors
Terrible
Prices
Differences
Cents
Prayer
Raising
Business
Raise
Competitor
Power
Raises
Tenth
Without
Price
Cent
Good
Losing
Session

More quotes by Warren Buffett

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If you don’t feel comfortable making a rough estimate of the asset’s future earnings, just forget it and move on. No one has the ability to evaluate every investment possibility. But omniscience isn’t necessary you only need to understand the actions you undertake.
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For some reason, people take their cues from price action rather than from values. What doesn't work is when you start doing things that you don't understand or because they worked last week for somebody else. The dumbest reason in the world to buy a stock is because it's going up.
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The most common cause of low prices is pessimism - sometimes pervasive, sometimes specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces.
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Things you like to do should be a hobby of yours, but things the world does should be a business of yours.
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If you have a harem of 40 women, you never get to know any of them very well.
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I mean, if Pearl Harbor came along, you could have said the planning was wrong by the military ahead of time or maybe the battleships shouldn't have all been in the harbor and all that kind of thing.
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An ounce of prevention is worth a pound of cure understated.
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We look for things I can understand. A lot of businesses I don't understand.
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Let blockheads read what blockheads wrote.
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Never depend on single income. Make investment to create a second source.
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Most business mistakes are irreversible setbacks, but you get another chance. There are two things in life that you don't get another chance at - marrying the wrong person and what you do with your children.
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If, when making a stock investment, you're not considering holding it at least ten years, don't waste more than ten minutes considering it.
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You should invest like a Catholic marries: for life.
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Consciously paying more for a stock than its calculated value - in the hope that it can soon be sold for a still-higher price - should be labelled speculation
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The market system rewards me outlandishly for what I do, but that doesn't mean I'm any more deserving of a good life than a teacher or a doctor or someone who fights in Afghanistan.
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We've got more productive capacity now than we ever have.
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Traditional wisdom is long on tradition and short on wisdom.
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It’s not that I want money. It’s the fun of making money and watching it grow.
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If you're in a card game and you can't figure out who the patsy is, you're it.
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I mean the truth is, I've never had it so good in terms of taxes. I am paying the lowest tax rate that I've ever paid in my life.
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