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The extraordinary business does not require good management.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Business
Doe
Good
Require
Management
Extraordinary

More quotes by Warren Buffett

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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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You are lucky in life if you have the right heroes. I advise all of you, to the extent you can, to pick out a few heroes
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We still find very few [stocks] that even mildly interest us. That dismal fact is testimony to the insanity of valuations reached during The Great Bubble. Unfortunately, the hangover may prove to be proportional to the binge.
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The key to success is emotional stability.
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I would push purchasing power - you push out $1,000 of purchasing to those people, it's going to get - it's going to get spent. And it needs to be spent. They need it. And it should come, to some extent, from guys like me.
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Honesty is a very expensive gift, Don't expect it from cheap people.
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When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.
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I think the oversight is great, and I think that oversight ought to be devoted almost entirely to the question is this being done at market you know. In other words, you want to make sure that the government isn't investing foolishly. But you don't want to care about which congressional districts it goes to or whether banks get favored over.
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To win, the first thing you have to do is not lose.
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In economics, you always want to ask 'And then what?'
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If a business does well, the stock eventually follows.
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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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... but the important thing is that when you do find one where you really do know what you are doing, you must buy in quantity.... Charlie and I have made a dozen or so very big decisions relative to net worth, although not as big as they should have been. And in each of those, we've known that we were almost certain to be right going in.
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We've long felt that the only value of stock forecasters is to make fortune tellers look good. Even now, Charlie and I continue to believe that short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children.
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It's not debt per say that overwhelms an individual corporation or country. Rather it is a continuous increase in debt in relation to income that causes trouble.
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A contrarian approach is just as foolish as a follow-the-crowd strategy. What's required is thinking rather than polling.
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Why not invest your assets in the companies you really like? As Mae West said, 'Too much of a good thing can be wonderful'.
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If you cannot control your emotions, you cannot control your money.
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But 300 million Americans, their lending institutions, their government, their media, all believed that house prices were going to go up consistently. And that got billed into a $20 trillion residential home market. Lending was done based on it, and everybody did a lot of foolish things.
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Equities will do well over time - you just have to avoid getting excited when other people are getting excited.
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