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I've Argued With The Senators And Congressmen I've Talked To. You Don't Want To Be Too Little Too Late. If You Buy Them At The Right Price, You May Be Buying Two Trillion Of Face Value.

-Warren Buffett

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I've Argued With The

Warren Buffett

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I've Argued With The Senators And Congressmen I've Talked To. You Don't Want To Be Too Little Too Late. If You Buy Them At The Right Price, You May Be Buying Two Trillion Of Face Value.

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Anything Can Happen In Stock Markets And You Ought To Conduct Your Affairs So That If The Most Extraordinary Events Happen, That You're Still Around To Play The Next Day.

The Power Of Unconditional Love. I Mean, There Is No Power On Earth Like Unconditional Love.

Unconditional Love

With Each Investment You Make, You Should Have The Courage And The Conviction To Place At Least Ten Per Cent Of Your Net Worth In That Stock

Wall Street Makes Its Money On Activity. You Make Your Money On Inactivity.

Failure Comes From Ego, Greed, Envy, Fear, Imitation. I Have Success Not Because I Am Smart, But Because I Am Rational.

When You Listen To Tax-cut Rhetoric, Remember That Giving One Class Of Taxpayer A Break Requires - Now Or Down The Line - That An Equivalent Burden Be Imposed On Other Parties. In Other Words, If I Get A Break, Someone Else Pays. Government Can't Deliver A Free Lunch To The Country As A Whole. It Can However, Determine Who Pays For Lunch.

Investing Is Laying Out Money Now To Get More Money Back In The Future.

I Mean, We'll Be Pounding On The Guy's Chest, You Know, On The Floor, And You Know, He's Not Going To Just Jump Up All Of A Sudden. So It Makes It Tough. I Mean, It's Tough To Be In The Legislature, You Know, And Vote For Something And Then People Say, Well, You Voted All This Money And You Know, It's All Getting Spent. It Isn't Getting Spent. It's Getting Invested. But It's All Getting Spent. Nothing's Happening.

It's Never Paid To Bet Against America.

I Measure Success By How Many People Love Me. And The Best Way To Be Loved Is To Be Lo Veable.

Measure Of Success

Very Successful People Say No To Almost Everything.

Investment Success

The Happiest People Do Not Necessarily Have The Best Things. They Simply Appreciate The Things They Have.

If You Don't Know The Jewelry, Know The Jeweller

Paradoxically, When 'dumb' Money Acknowledges Its Limitations, It Ceases To Be Dumb.

Inflation Could Be A Very - Is A Likely Consequence Out Of What's Going On Now.

Wild Swings In Share Prices Have More To Do With The "lemming- Like" Behaviour Of Institutional Investors Than With The Aggregate Returns Of The Company They Own.

You Don't Need To Have Extraordinary Effort To Achieve Extraordinary Results. You Just Need To Do The Ordinary, Everyday Things Exceptionally Well.

Everyday Things

Shares Are Not Mere Pieces Of Paper. They Represent Part Ownership Of A Business. So, When Contemplating An Investment, Think Like A Prospective Owner.

Continually Challenge And Be Willing To Amend Your Best Loved Ideas.

There Are Certain Things That Cannot Be Adequately Explained To A Virgin Either By Words Or Pictures.

A Great Investment Opportunity Occurs When A Marvelous Business Encounters A One-time Huge, But Solvable Problem.

An Irresistable Footnote: In 1971, Pension Fund Managers Invested A Record 122% Of Net Funds Available In Equities - At Full Prices They Couldn't Buy Enough Of Them. In 1974, After The Bottom Had Fallen Out, They Committed A Then Record Low Of 21% To Stocks.

Ben's Mr. Market Allegory May Seem Out-of-date In Today's Investment World, In Which Most Professionals And Academicians Talk Of Efficient Markets, Dynamic Hedging And Betas. Their Interest In Such Matters Is Understandable, Since Techniques Shrouded In Mystery Clearly Have Value To The Purveyor Of Investment Advice. After All, What Witch Doctor Has Ever Achieved Fame And Fortune By Simply Advising 'take Two Aspirins'?

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.

So If You Are Evaluating Others (or Yourself!) In The Investment Field, Think Out Some Standards - Apply Them - Interpret Them.

I Think I Could Make You Fifty Percent A Year On One Million Dollars. No, I Know I Could. I Guarantee That.

Guarantees That

It's Us Fun Being A Horse When The Tractor Comes Along, Or The Blacksmith When The Car Comes Along.

If You Understood A Business Perfectly And The Future Of The Business, You Would Need Very Little In The Way Of A Margin Of Safety. So, The More Vulnerable The Business Is, Assuming You Still Want To Invest In It, The Larger Margin Of Safety You'd Need. If You're Driving A Truck Across A Bridge That Says It Holds 10,000 Pounds And You've Got A 9,800 Pound Vehicle, If The Bridge Is 6 Inches Above The Crevice It Covers, You May Feel Okay, But If It's Over The Grand Canyon, You May Feel You Want A Little Larger Margin Of Safety.

Like I Say, I Don't Think It'll Be Done Perfectly. Maybe We'll End Up With A Little Bit Better [economy] System.

The Key To Success Is Emotional Stability.

There Are Three Important Principles To Graham's Approach. [the First Is To Look At Stocks As Fractional Shares Of A Business, Which] Gives You An Entirely Different View Than Most People Who Are In The Market. [the Second Principle Is The Margin-of-safety Concept, Which] Gives You The Competitive Advantage. [the Third Is Having A True Investor's Attitude Toward The Stock Market, Which] If You Have That Attitude, You Start Out Ahead Of 99 Percent Of All The People Who Are Operating In The Stock Market - It's An Enormous Advantage.

I Understand Goldman Sachs Businesses. We Do Lot Of Business With Him, And Ge Has Been - I Think It's The Longest Running Stock In The Dow Jones Industrial Average. It Will Be 100 Years Now It Will Be Around. I Hope I'm Around Then, Too. And It Was An Attractive Investment. And We Have Had A Lot Of Money Around, Over The Last Two Years, And We're Seeing Things That Are Attractive Now.

Money Is Not Everything. Make Sure You Earn A Lot Before Speaking Such Nonsense.

Charlie And I Have A Number Of Filters That Things Have To Get Through Before We'll Think About Them.

In Our View, Though, Investment Students Need Only Two Well-taught Courses-how To Value A Business, And How To Think About Market Prices. Your Goal As An Investor Should Simply Be To Purchase, At A Rational Price, A Part Interest In An Easily-understandable Business Who's Earnings Are Virtually Certain To Be Materially Higher Five, Ten And Twenty Years From Now.

Investment Decision Should Be Made On The Basis Of The Most Probable Compounding Of After-tax Net Worth With Minimum Risk.

I Always Invest In Companies An Idiot Could Run, Because One Day One Will.

The Smarter The Journalists Are, The Better Off Society Is. For To A Degree, People Read The Press To Inform Themselves - And The Better The Teacher, The Better The Student Body.

The Rich Invest In Time, The Poor Invest In Money.

Words Of Wisdom

The Investor Of Today Does Not Profit From Yesterday's Growth.

Investing Money

If This Is A War, My Side Has The Nuclear Bomb. We Have K Street. We Have Wall Street. Debbie Doesn't Have Anybody. I Want A Government That Is Responsive To The People Who Got The Short Straw In Life.

We Believe That According The Name 'investors' To Institutions That Trade Actively Is Like Calling Someone Who Repeatedly Engages In One-night Stands A 'romantic.'

I Will Do Anything That Is Basically Covered By The Law To Reduce Berkshire's Tax Rate. For Example, On Wind Energy, We Get A Tax Credit If We Build A Lot Of Wind Farms. That's The Only Reason To Build Them. They Don't Make Sense Without The Tax Credit.

Do Not Put All Your Eggs In One Basket.

Investment Success

Investors Should Remember That Their Scorecard Is Not Computed Using Olympic-diving Methods: Degree-of-difficulty Doesn't Count. If You Are Right About A Business Whose Value Is Largely Dependent On A Single Key Factor That Is Both Easy To Understand And Enduring, The Payoff Is The Same As If You Had Correctly Analyzed An Investment Alternative Characterized By Many Constantly Shifting And Complex Variables.

The Best Business Returns Are Usually Achieved By Companies That Are Doing Something Quite Similar Today To What They Were Doing Five Or Ten Years Ago.

When We Really Sit Back With A Smile On Our Face Is When We Run Into A Situation We Can Understand, Where The Facts Are Ascertainable And Clear, And The Course Of Action Obvious.

We Like To Buy Businesses, But We Don't Like To Sell Them.

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.

The Difference Between Successful People And Really Successful People Is That Really Successful People Say No To Almost Everything.

Knowing What To Leave Out Is Just As Important As Knowing What To Focus On.

The Banking Business Is No Favorite Of Ours. When Assets Are Twenty Times Equity - A Common Ratio In This Industry - Mistakes That Involve Only A Small Portion Of Assets Can Destroy A Major Portion Of Equity. And Mistakes Have Been The Rule Rather Than The Exception At Many Major Banks.

Intrinsic Value Can Be Defined Simply: It Is The Discounted Value Of The Cash That Can Be Taken Out Of A Business During Its Remaining Life. The Calculation Of Intrinsic Value, Though, Is Not So Simple. As Our Definition Suggests, Intrinsic Value Is An Estimate Rather Than A Precise Figure, And It Is Additionally An Estimate That Must Be Changed If Interest Rates Move Or Forecasts Of Future Cash Flows Are Revised.

We Have To Live With The Rest Of The World. And It's A Mistake, In My View. Trade Has Generally Developed In This Country. We Actually Export 12 Or 13 Percent Of Our Gdp. It Was Only 5 Percent In 1970. But It Benefits Us. It Benefits The Rest Of The World. It Doesn't Benefit The Steelworker Maybe In Ohio. And That's The Problem That Has To Be Addressed, Because When You Have Something That's Good For Society, But Terribly Harmful For Given Individuals, We Have Got To Make Sure Those Individuals Are Taken Care Of.

Making Money Isn't The Backbone Of Our Guiding Purpose; It Is The By-product Of Our Guiding Purpose.

Let Only Individuals Contribute - With Sensible Limits Per Election. Otherwise, We Are Well On Our Way To Ensuring That A Government Of The Moneyed, By The Moneyed, And For The Moneyed Shall Not Perish From The Earth.

Buy Stocks Like You Buy Your Groceries, Not Like You Buy Your Perfume.

...i Will Give You Two Pieces Of Advice. Invest As Much In Yourself As You Can; You Are Your Own Best Asset By Far. Then Follow Your Passion; You Want To Be Really Excited To Get Out Of Bed Every Morning.

As Far As You Are Concerned, The Stock Market Does Not Exist. Ignore It.

Is Management Rational?

It's Got To Be The Best Intellectual Exercise Out There. You're Seeing Through New Situations Every Ten Minutes. In The Stock Market You Don't Base Your Decisions On What The Market Is Doing, But On What You Think Is Rational. Bridge Is About Weighing Gain/loss Ratios. You're Doing Calculations All The Time.

For Some Reason People Take Their Cues From Price Action Rather Than From Values. Price Is What You Pay. Value Is What You Get.

No Matter How Great The Talent Or Efforts, Some Things Just Take Time.

Investing Money

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.

The Approach And Strategies Are Very Similar In That You Gather All The Information You Can And Then Keep Adding To That Base Of Information As Things Develop. You Do Whatever The Probabilities Indicated Based On The Knowledge That You Have At That Time, But You Are Always Willing To Modify Your Behaviour Or Your Approach As You Get New Information. In Bridge, You Behave In A Way That Gets The Best From Your Partner. And In Business, You Behave In The Way That Gets The Best From Your Managers And Your Employees.

I Don't Really Think That, As A Society, We [americans] Want To Confer Blessings On Generation After Generation Who Contribute Nothing To Society, Simply Because Somebody In The Far Distant Past Happened To Amass A Great Sum Of Wealth.

Time Is The Friend Of The Wonderful Company, The Enemy Of The Mediocre.

As One Of My Older Friends Says, "nostalgia Just Isn't What It Used To Be." Let's Take A Stab At It, Anyway.

Remember That The Stock Market Is Manic-depressive.

I Know That Congress Will Do The Right Thing.

The Best Way In My View Is To Just Buy A Low-cost Index Fund And Keep Buying It Regularly Over Time, Because You'll Be Buying Into A Wonderful Industry, Which In Effect Is All Of American Industry... People Ought To Sit Back And Relax And Keep Accumulating Over Time.

I Knew A Lot About What I Did When I Was 20. I Had Read A Lot, And I Aspired To Learn Everything I Could About The Subject.

Look For Companies With High Profit Margins.

If We Start Deciding, Based On Guesses Or Emotions, Whether We Will Or Won't Participate In A Business Where We Should Have Some Long Run Edge, We're In Trouble.

The Secret Is To Find What You Love To Do.i Mean, I Tell The Students Look For The Job That You Would Take If You Didn't Need A Job. I Mean, It's That Simple. And I Was Lucky Enough To Find It Very Early In Life. And Then The Second Thing Is To Have People Around You That Make Feel Good Every Day, And Make You A Better Person Than You Otherwise Would Be.

Although We Deal With Probabilities And Expectations, The Actual Results Can Deviate Substantially From Such Expectations, Particularly On A Short-term Basis.

You're Dealing With A Lot Of Silly People In The Marketplace; It's Like A Great Big Casino And Everyone Else Is Boozing. If You Can Stick With Pepsi, You Should Be Ok.

Investing Money

Good Profits Simply Are Not Inconsistent With Good Behavior.

The Capital Gains Tax Is 15 Percent Now. So I Sit There In My Office And I Make A Lot Of Money By Capital Gains, And I Pay 15 Percent, And I Pay No Payroll Tax On It.

I Buy Expensive Suits - They Just Look Cheap On Me.

If You Are A Professional And Have Confidence, Then I Would Advocate Lots Of Concentration.

Have Confidence

Fear Is The Foe Of The Faddist, But The Friend Of The Fundamentalist.

If I Were The Treasury Secretary Or Head Of The Fed, You Know, I Would Try To Scare The Hell The Out Of The Private Sector And Say, You Better Save This Because You're Going Down With The Ship.

Of Our 49 Billion, We Haven't Moved Any To Bitcoin

More Investment Sins Are Probably Committed By Otherwise Quite Intelligent People Because Of "tax Considerations" Than From Any Other Cause. One Of My Friends-a Noted West Coast Philosopher-maintains That A Majority Of Life's Errors Are Caused By Forgetting What One Is Really Trying To Do. This Is Certainly The Case When An Emotionally Supercharged Element Like Taxes Enters The Picture (i Have Another Friend-a Noted East Coast Philosopher Who Says It Isn't The Lack Of Representation He Minds-it's The Taxation).

... It's Important To Have The Right Monetary Policy. It's Important For, To Have The Right Fiscal Policy. But It's Nowhere Near As Important As Just The Normal Regenerative Capacity Of American Capitalism.

It's Nice To Have A Lot Of Money, But You Know, You Don't Want To Keep It Around Forever. I Prefer Buying Things. Otherwise, It's A Little Like Saving Sex For Your Old Age.

Forecasts May Tell You A Great Deal About The Forecaster; They Tell You Nothing About The Future.

Only When You Combine Sound Intellect With Emotional Discipline Do You Get Rational Behavior.

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.

When People Talk About Cash Being King, It's Not King If It Just Sits There And Never Does Anything.

You Know, People Talk About This Being An Uncertain Time. You Know, All Time Is Uncertain. I Mean, It Was Uncertain Back In - In 2007, We Just Didn't Know It Was Uncertain. It Was - Uncertain On September 10th, 2001. It Was Uncertain On October 18th, 1987, You Just Didn't Know It.

Uncertain Times

I Am Out Of Step With Present Conditions. When The Game Is No Longer Played Your Way, It Is Only Human To Say The New Approach Is All Wrong, Bound To Lead To Trouble, And So On. On One Point, However, I Am Clear. I Will Not Abandon A Previous Approach Whose Logic I Understand ( Although I Find It Difficult To Apply ) Even Though It May Mean Foregoing Large, And Apparently Easy, Profits To Embrace An Approach Which I Don't Fully Understand, Have Not Practiced Successfully, And Which Possibly Could Lead To Substantial Permanent Loss Of Capital.

Energy Deregulation Will Be The Largest Transfer Of Wealth In History.

A Lot Of People Disagree With Me On This, I Believe In Mark To Market.

If You're Extremely Rich, And You Have Got Children, My Theory Was, You Give Them Enough So They Can Do Anything, But Not Enough So They Can Do Nothing.

If Horses Had Controlled Investment Decisions, There Would Have Been No Auto Industry.

The Thing To Do Is To Keep Your Mind When The World Around You Is Losing Theirs.

Managers That Always Promise To 'make The Numbers' Will At Some Point Be Tempted To Make Up The Numbers.

I Do Not Believe In Inheriting Your Position In Society Based On Which Womb You Come From... I Think A Rich Person Should Leave His Children Enough So They Can Do Anything, But Not Enough So They Can Do Nothing.

Either They're Trying To Con You Or They're Trying To Con Themselves.

Stocks Are The Only Thing That People Are Happy To Buy When The Price Goes Up.

I Choose To Work With Every Single Person That I Work With. That Ends Up Being The Most Important Factor. I Don't Interact With People I Don't Like Or Admire. That's The Key. It's Like Marrying.

The Fed Is The Greatest Hedge Fund In History.

If You Were At Lehman, The Same Thing Happened. If You Were At Aig, The Shareholders Are Getting Creamed On These Things. And Those Shareholders Are Not Just A Bunch Of Big Shots In Wall Street. Those Are Pension Funds, And Those Are Investors All Over The Country. I Wouldn't Worry Too Much About That. Justice Won't Be Perfect On It.

Cash, Though, Is To A Business As Oxygen Is To An Individual: Never Thought About When It Is Present, The Only Thing In Mind When It Is Absent... When Bills Come Due, Only Cash Is Legal Tender. Don't Leave Home Without It.

It's The Deleveraging That's Going On Right Now That Has Caused The Credit Crisis.

You Don't Have To Be A Genius To Invest Well

We Continue To Make More Money When Snoring Than When Active.

Does Management Resist The Institutional Imperative?

Market Prices For Stocks Fluctuate At Great Amplitudes Around Intrinsic Value But, Over The Long Term, Intrinsic Value Is Virtually Always Reflected At Some Point In Market Price.

Intrinsic Value

It's Far Better To Buy A Wonderful Company At A Fair Price Than A Fair Company At A Wonderful Price.

Investing Money

By Periodically Investing In An Index Fund, The Know-nothing Investors Can Actually Outperform Most Investment Professionals.

It Is To Our Advantage To Have Securities Do Nothing Price-wise For Months, Or Perhaps Years, While We Are Buying Them.

Bull Markets And Bear Markets Can Obscure Mathematical Laws, They Cannot Repeal Them.

Fund Consultants Like To Require Style Boxes Such As "long-short," "macro," "international Equities." At Berkshire Our Only Style Box Is "smart."

If Some Institution Wants To Sell You A Billion Dollars Worth Of Mortgages, They Might Have To Sell 100 Million In The Market, And Then You'll Buy The Other 900 Million On The Same Terms. Now, The Very Fact That This Has Been Authorized Or Will Be Authorized, I Hope, Will Firm Up The Market To Some Degree. And That's Fine. But You Don't Want To Have Artificial Prices Being Paid.

You Do Not Adequately Protect Yourself By Being Half Awake When Other Are Sleeping.

Don't Risk What Is Important To You, To Get What Is Not Important To You.

It's Better To Hang Out With People Better Than You. Pick Out Associates Whose Behavior Is Better Than Yours And You'll Drift In That Direction.

In The World Of Business, The People Who Are Most Successful Are Those Who Are Doing What They Love.

Investment Success

I Never Attempt To Make Money On The Stock Market. I Buy On The Assumption That They Could Close The Market The Next Day And Not Reopen It For Five Years.

Greatest Wealth

Much Success Can Be Attributed To Inactivity. Most Investors Cannot Resist The Temptation To Constantly Buy And Sell.

It's Better To Build Than To Buy If You Can Find The Right People.

Take The High Road; It's Far Less Crowded.

Taking The High Road

When You're Associating With The People That You Love, Doing What You Love, It Doesn't Get Any Better Than That.

Doing What You Love

It's A Lot Easier To Buy Things Than It Is To Sell Them.

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.

The Stock Market Is A No-called-strike Game. You Don’t Have To Swing At Everything – You Can Wait For Your Pitch.

If You Know How To Value Businesses, It's Crazy To Own 50 Stocks Or 40 Stocks Or 30 Stocks, Probably Because There Aren't That Many Wonderful Businesses Understandable To A Single Human Being In All Likelihood. To Forego Buying More Of Some Super-wonderful Business And Instead Put Your Money Into #30 Or #35 On Your List Of Attractiveness Just Strikes Charlie And Me As Madness.

You Should Invest In A Business That Even A Fool Can Run, Because Someday A Fool Will.

Today People Who Hold Cash Equivalents Feel Comfortable. They Shouldn't. They Have Opted For A Terrible Long-term Asset, One That Pays Virtually Nothing And Is Certain To Depreciate In Value.

I Just Don't See Anything Available That Gives Any Reasonable Hope Of Delivering Such A Good Year And I Have No Desire To Grope Around, Hoping To 'get Lucky' With Other People's Money. I Am Not Attuned To This Market Environment, And I Don't Want To Spoil A Decent Record By Trying To Play A Game I Don't Understand Just So I Can Go Out A Hero.

What The Wise Do In The Beginning, Fools Do In The End.

You Pay A Very High Price In The Stock Market For A Cheery Consensus.

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.

Interest Rates Are To Asset Prices What Gravity Is To The Apple. When There Are Low Interest Rates, There Is A Very Low Gravitational Pull On Asset Prices.

The First Rule Is Not To Lose. The Second Rule Is Not To Forget The First Rule.

Only When The Tide Goes Out Do You Discover Who's Been Swimming Naked.

Take The Job You Would Take If You Were Independently Wealthy. You're Going To Do Well At It.

It's A Nightmare To Administer Some Of This Sort Of Thing, But I Want To Tell The Shareholders Of Berkshire, To The Percent We Own Marketable Securities Or Things For Which There Are Market, Even If Those Markets - I Want To Tell Them What It's All About.

The Same Things Happen To Quite An Extent Around The Globe. I Mean, The European Banks Were Doing What The American Banks Were.

If You Want To Soar Like An Eagle In Life, You Can't Be Flocking With The Turkeys.

The U.s. Treasury Has Got Borrowing Costs Like Nobody Else Has.

I Think The Fdic Was One Of The Great Inventions Of The American.

Great Inventions

A Fool And His Money Are Soon Invited Everywhere.

Our Marketable Equities Tell Us By Their Operating Results - Not By Their Daily, Or Even Yearly, Price Quotations - Whether Our Investments Are Successful. The Market May Ignore Business Success For A While, But Eventually Will Confirm It.

Business Success

Only Those Who Will Be Sellers Of Equities In The Near Future Should Be Happy At Seeing Stocks Rise. Prospective Purchasers Should Much Prefer Sinking Prices.

An Investor Should Act As Though He Had A Lifetime Decision Card With Just Twenty Punches On It.

Too Often, A Vast Collection Of Possessions Ends Up Possessing Its Owner. The Asset I Most Value, Aside From Health, Is Interesting, Diverse, And Long-standing Friends.

I'm Not Worried They're All About The Investments We Make. I Mean, Listen, This Country - We've Got $46,000 Or $47,000 Of Gdp Per Capita. Now, We've Done Pretty Darn Well. We'll Do Better In The Future.

Uncertainty Is The Friend Of The Buyer Of Long Term Values.

I Am Not In The Business Of Predicting General Stock Market Of Business Fluctuations. If You Think I Can Do This, Or Think It Is Essential To An Investment Program, You Should Not Be In The Partnership.

Do Not Save What Is Left After Spending, But Spend What Is Left After Saving.

A Home Is One Of The Most Important Assets That Most People Will Ever Buy. Homes Are Also Where Memories Are Made And You Want To Work With Someone You Can Trust.

With Enough Insider Information And A Million Dollars, You Can Go Broke In A Year.

The Line Separating Investment And Speculation, Which Is Never Bright And Clear, Becomes Blurred Still Further When Most Market Participants Have Recently Enjoyed Triumphs. Nothing Sedates Rationality Like Large Doses Of Effortless Money. After A Heady Experience Of That Kind, Normally Sensible People Drift Into Behavior Akin To That Of Cinderella At The Ball.

Investing Money

There Are 309 Million People Out There That Are Trying To Improve Their Lot In Life. And We've Got A System That Allows Them To Do It.

Stop Trying To Predict The Direction Of The Stock Market, The Economy Or Elections.

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.

A Contrarian Approach Is Just As Foolish As A Follow-the-crowd Strategy. What's Required Is Thinking Rather Than Polling.

There Is Nothing Like Writing To Force You To Think And Get Your Thoughts Straight.

All I Have To Do Is Think And Not Be Influenced By Others.

When Investing, Pessimism Is Your Friend, Euphoria The Enemy.

If You've Been Playing Poker For Half An Hour And You Still Don't Know Who The Patsy Is, You're The Patsy.

Take The Probability Of Loss Times The Amount Of Possible Loss From The Probability Of Gain Times The Amount Of Possible Gain. That Is What We're Trying To Do. It's Imperfect, But That's What It's All About.

At This Point, When Treasury Bills, Seven Day Treasury Bills At 1/20th Of One Percent, It's Not Because People Want To Earn 1/20th Of One Percent, It's Because They Trust The Fact The Treasury Will Give It Back To Them Next Week.

Our Approach Is Very Much Profiting From Lack Of Change Rather Than From Change.

Investing Money

The Rich Are Always Going To Say That, You Know, Just Give Us More Money And We'll Go Out And Spend More And Then It Will All Trickle Down To The Rest Of You. But That Has Not Worked The Last 10 Years, And I Hope The American Public Is Catching On.

Just Imagine Living On 21,000 A Year. I Mean You Have 20 Percent Of The Population Doing That. So You Don't Have To Worry About Guys Like Me.

The Best Thing I Did Was Choose The Right Heroes.

I'll Take The Deal, Whatever You Want To Do.

I Never Invest In Anything That I Don't Understand.

The Most Common Cause Of Low Prices Is Pessimism - Some Times Pervasive, Some Times 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. It's Optimism That Is The Enemy Of The Rational Buyer.

The Good Thing Is, We Have Household Formation In This Country.

If You Invested In A Very Low Cost Index Fund - Where You Don't Put The Money In At One Time, But Average In Over 10 Years -you'll Do Better Than 90% Of People Who Start Investing At The Same Time.

Beware Of Geeks Bearing Formulas.

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.

I Have No Views As To Where It Will Be, But The One Thing I Can Tell You Is It Won't Do Anything Between Now And Then Except Look At You. Whereas, You Know, Coca-cola (ko) Will Be Making Money, And I Think Wells Fargo (wfc) Will Be Making A Lot Of Money And There Will Be A Lot - And It's A Lot - It's A Lot Better To Have A Goose That Keeps Laying Eggs Than A Goose That Just Sits There And Eats Insurance And Storage And A Few Things Like That.

What The Human Being Is Best At Doing Is Interpreting All New Information So That Their Prior Conclusions Remain Intact.

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.

We Don't Read Other People's Opinions. We Want To Get The Facts, And Then Think.

How Do You Beat Bobby Fischer? You Play Him At Any Game But Chess. I Try To Stay In Games Where I Have An Edge.

The Only Question Is Whether You’re Going To Do It Today Or Tomorrow. If You Keep Saying You’re Going To Do It Tomorrow, You’ll Never Do It. You Have To Get On It Today.

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.

We're Paying Maybe 25 Percent Of The Income Tax, But The Payroll Tax Is Over A Third Of The Receipts Of The Federal Government. And They Don't Take That From Me On Capital Gains. They Don't Take That From Me On Dividends.

We Need A Tax System That Essentially Takes Very Good Care Of The People Who Just Really Aren't As Well Adapted To The Market System But Are Nevertheless Doing Useful Things In The Society.

We Have Long Felt That The Only Value Of Stock Forecasters Is To Make Fortune-tellers Look Good.

This Economy Doesn't Work Well Without The Lubrication Of Credit And Trust.

Diversification May Preserve Wealth, But Concentration Builds Wealth.

Concentration Of Wealth

The Value Of A Business Is The Cash It's Going To Produce In The Future.

Money To Some Extent Sometimes Let You Be In More Interesting Environments. But It Can't Change How Many People Love You Or How Healthy You Are.

I Never Try To Predict The Market.

There Is Seldom Just One Cockroach In The Kitchen. You Know, You Turn On The Light And, All Of Sudden, They All Start Scurrying Around.

Never Give Up Searching For The Job That You're Passionate About.

Doing What You Love

The Big Question About How People Behave Is Whether They've Got An Inner Scorecard Or An Outer Scorecard. It Helps If You Can Be Satisfied With An Inner Scorecard.

Our Favorite Holding Period Is Forever.

Funny Inspirational

You Have Hedge Funds And People Like That Buying These Assets To Yield 15 Or 20 Percent, I Mean, That's The Buyer For These People That Are Trying To Unload Them.

That's Been Lost. It's A Huge Problem. What You Have Is You Have The Major Institutions Of The World All Wanting To Deleverage. They Want To Take Down Their Assets And Liabilities. What Seemed So Easy To Borrow Against A Year Ago Now Looks Like Rat Poison To Them. So They're Trying To Deleverage. There Is Only One Institution In The World That Can Leverage Up In A Way That's All A Countervailing Force To That, And That's The United States Treasury.

I’ve Worked In An Economy That Rewards Someone Who Saves The Lives Of Others On A Battlefield With A Medal, Rewards A Great Teacher With Thank-you Notes From Parents, But Rewards Those Who Can Detect The Mispricing Of Securities With Sums Reaching Into The Billions.

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Benjamin Netanyahu

Ralph Waldo Emerson

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