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You Should Be Unconcerned About Short-term Price Action When You Own The Securities Directly, Just As You Were Unconcerned When You Owned Them Indirectly Through Bpl. I Think About Them As Businesses, Not "stocks", And If The Business Does All Right Over The Long Term, So Will The Stock.

-Warren Buffett

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You Should Be Unconcerned

Warren Buffett

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You Should Be Unconcerned About Short-term Price Action When You Own The Securities Directly, Just As You Were Unconcerned When You Owned Them Indirectly Through Bpl. I Think About Them As Businesses, Not "stocks", And If The Business Does All Right Over The Long Term, So Will The Stock.

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Investing Money

Investment Success

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Measure Of Success

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Investing Your Time

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Enormous Quantities

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Investing Money

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I May Have More Money Than You, But Money Doesn't Make The Difference. If There Is Any Difference Between You And Me, It May Simply Be That I Get Up And Have A Chance To Do What I Love To Do, Every Day. If You Learn Anything From Me, This Is The Best Advice I Can Give You.

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We've Got All The Ingredients For A Sensational Future.

Confidence Is Key. You're Not Going To Put Your Money - You're Not Going To Leave Your Money With Me Unless You're Confident I'm Going To Give It Back To You.

Confidence Is Key

I Think You Should Read Everything You Can. In My Case, By The Age Of 10, I'd Read Every Book In The Omaha Public Library About Investing, Some Twice. You Need To Fill Your Mind With Various Competing Thoughts And Decide Which Make Sense.

The Key To Success Is Emotional Stability.

When We Went Crazy, And We Did Go Crazy On Residential Real Estate, It Set Things In Motion That Just - The Dominoes Started Toppling.

We've Been In A Recession, By Any Common Sense Definition, Because If You Look At The American Public, They've Got 20 Billion - 20 Trillion, I Should Say, Worth Of Residential Homes.

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

Occasionally, A Man Must Rise Above Principles.

It's Never Paid To Bet Against America.

I Think The Rest Of The Country Should Be Paying Less, The 95 Percent That [barack] Obama Talks About Or Maybe Even A Little Higher Than That.

You Can't Make A Good Deal With A Bad Person.

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.

Well, One Time Some Attractive Woman Sat Next To Charlie And Asked Him What He Owed His Success To, And, Unfortunately, She Insisted On A One Word Answer. He Had A Speech Prepared That Would Have Gone On For Several Hours. But When Forced To Boil It Down To One Word, He Said That Was "rational". You Know, He Comes Equipped For Rationality, And He Applies It In Business. He Doesn't Always Apply It Elsewhere, But He Applies It In Business And That Has Made Him A Huge Business Success.

Business Success

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.

An Ipo Is Like A Negotiated Transaction - The Seller Chooses When To Come Public - And It's Unlikely To Be A Time That's Favourable To You.

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

Never Count On Making A Good Sale. Have The Purchase Price Be So Attractive That Even A Mediocre Sale Gives Good Results.

Is Management Candid With The Shareholders?

A Company Should Be Viewed As An Unfolding Movie, Not As A Still Photograph

I Find That The Standard Of Living Does Not Go Up In Proportion With The Cost Of Living. The Trick In Life Is To Do Things That Are Fun All The Time.

Investing Is Not As Tough As Being A Top-notch Bridge Player. All It Takes Is The Ability To See Things As They Really Are.

Only Buy Something That You'd Be Perfectly Happy To Hold If The Market Shut Down For 10 Years.

Be Brave When Others Are Afraid, And Afraid When Others Are Brave.

I Have Always Cautioned Partners That I Considered Three Years A Minimum In Determining Whether We Were "performing".

Never Do Anything In Life If You Would Be Ashamed Of Seeing It Printed On The Front Page Of Your Hometown Newspaper For Your Friends And Family To See.

Family And Friends

We Have Embraced The 21st Century By Entering Such Cutting-edge Industries As Brick, Carpet, Insulation And Paint. Try To Control Your Excitement.

I Think The Most Important Factor In Getting Out Of The Recession Actually Is Just The Regenerative Capacity Of - Of American Capitalism.

I Think The Biggest Thing We Need Is To Unclog The Credit Markets, And We May Need Another Stimulus - If We Do, It's - It Should Go To The Lower And Middle-income People.

Activity Is The Enemy Of Investment Returns.

The Dominant Factors Affecting Control Valuations Are Earning Power (past And Prospective) And Asset Values.

All Day You Wait For The Pitch You Like; Then When The Fielders Are Asleep, You Step Up And Hit It.

Well, It May Be All Right In Practice, But It Will Never Work In Theory

Businesses Always Have Opportunities To Improve Service, Product Lines, Manufacturing Techniques, And The Like, And Obviously These Opportunities Should Be Seized. But A Business That Constantly Encounters Major Change Also Encounters Many Chances For Major Error

One’s Objective Should Be To Get It Right, Get It Quick, Get It Out And Get It Over. Your Problem Won’t Improve With Age.

I Won't Close Down A Business Of Subnormal Profitability Merely To Add A Fraction Of A Point To Our Corporate Returns. I Also Feel It Inappropriate For Even An Exceptionally Profitable Company To Fund An Operation Once It Appears To Have Unending Losses In Prospect. Adam Smith Would Disagree With My First Proposition And Karl Marx Would Disagree With My Second; The Middle Ground Is The Only Position That Leaves Me Comfortable.

A Single Year's Performance Is Of Minor Importance And, Good Or Bad, Should Never Be Taken Seriously.

If Past History Was All There Was To The Game, The Richest People Would Be Librarians.

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.

When It's Raining Gold, Reach For A Bucket, Not A Thimble.

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

The Best Investment You Can Make Is In Yourself.

Investment Success

You Can Be Sure That Over The Next 10 Years, You'll See Something That You Did Not Think Was Possible.

I Think People - What People Want To Do Is Make [economy] Get Worse.

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

Doing What You Love

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

Investing Money

It's Much Easier To Stay Out Of Trouble Now Than To Get Out Of Trouble Later.

It's Easy To Identify Many Investment Managers With Great Recent Records. But Past Results, Though Important, Do Not Suffice When Prospective Performance Is Being Judged. How The Record Has Been Achieved Is Crucial.

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.

The Future Is Never Clear; You Pay A Very High Price In The Stock Market For A Cheery Consensus. Uncertainty Actually Is The Friend Of The Buyer Of Long-term Values.

Charlie [munger] And I Are Not Big Fans Of Resumes. Instead, We Focus On Brains, Passion And Integrity.

Be Fearful When There Is Greed And Be Greedy When There Is Fear.

If You Buy Things You Do Not Need, Soon You Will Have To Sell Things You Need.

The Only Time To Buy These Is On A Day With No 'y' In It.

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Atifete Jahjaga

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