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When a management with reputation for brilliance gets hooked up with a business with a reputation for bad economics, it's the reputation of the business that remains intact.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Brilliance
Reputation
Economics
Management
Remains
Gets
Business
Intact
Hooked

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Our stay-put behavior reflects our view that the stock market serves as a relocation center at which money is moved from the active to the patient.
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I'd rather have a $10 million business making 15 per cent than a $100 million business making 5 per cent.
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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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I like to go for cinches. I like to shoot fish in a barrel. But I like to do it after the water has run out.
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An ounce of prevention is worth a pound of cure understated.
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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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The true investor welcomes volatility ... a wildly fluctuating market means that irrationally low prices will periodically be attached to solid businesses.
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If you have more than 120 or 130 I.Q. points, you can afford to give the rest away. You don't need extraordinary intelligence to succeed as an investor.
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Emotional makeup is more important than technical skill
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I have an 800 freephone number now that I call if I get the urge to buy an airline stock. I call at two in the morning and I say: My name is Warren and I'm an aeroholic. And then they talk me down.
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I know that Congress will do the right thing.
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Our future rates of gain will fall far short of those achieved in the past. Berkshire's capital base is now simply too large to allow us to earn truly outsized returns. If you believe otherwise, you should consider a career in sales but avoid one in mathematics.
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People always should know better. People don't get - they don't get smarter about things that get as basic as greed.
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We have long felt that the only value of stock forecasters is to make fortune-tellers look good.
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The rich invest in time, the poor invest in money.
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An investor should act as though he had a lifetime decision card with just twenty punches on it.
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In other words, the percentage change in book value in any given year is likely to be reasonably close to that year's change in intrinsic value.
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Confidence in markets and in institutions, it's a lot like oxygen. When you have it, you don't even think about it. It's indispensable. You can go years without thinking about it. When it's gone for five minutes, it's the only thing to think about.
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This economy doesn't work well without the lubrication of credit and trust.
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I don't need 15 houses. Owning real estate doesn't mean much to me. I don't like to think about things like that. I don't need 12 boats, or even the world's largest boat with a crew of 80. I'd have to take care of them, to worry about them. I get a lot more fun out of life without all the bells and whistles.
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