Observing that the market was FREQUENTLY efficient, EMT Adherents went on to conclude incorrectly that it was ALWAYS efficient. The difference between… — Warren Buffett Copy Share Image
Investors making purchases in an overheated market need to recognize that it may often take an extended period for the value of… — Warren Buffett Copy Share Image
Consciously paying more for a stock than its calculated value - in the hope that it can soon be sold for a… — Warren Buffett Copy Share Image
We will prosper or suffer in controlled investments in relation to the operating performances of our businesses - we will not attempt… — Warren Buffett Copy Share Image
Investing in a market where people believe in efficiency is like playing bridge with someone who has been told it doesn't do… — Warren Buffett Copy Share Image
We say we are trying to buy into businesses with excellent economics, run by honest and able people at a decent price.… — Warren Buffett Copy Share Image
Our marketable equities tell us by their operating results - not by their daily, or even yearly, price quotations - whether our… — Warren Buffett Copy Share Image
We've used derivatives for many, many years. I don't think derivatives are evil, per se, I think they are dangerous. ...So we… — Warren Buffett Copy Share Image
Investors should be skeptical of history-based models. Constructed by a nerdy-sounding priesthood using esoteric terms such as beta, gamma, sigma and the… — Warren Buffett Copy Share Image
Investors, of course, can, by their own behavior make stock ownership highly risky. And many do. Active trading, attempts to "time" market… — Warren Buffett Copy Share Image
Who would think of buying or selling a private business because of someone's guess on the stock market? The availability of a… — Warren Buffett Copy Share Image
I've already written a section in the annual report for next year explaining why I think in one case that the figures… — Warren Buffett Copy Share Image
It's quite clear that stocks are cheaper than bonds. I can't imagine anybody having bonds in their portfolio when they can own… — Warren Buffett Copy Share Image
Investors have to remember: corporate profits are going up, but stocks are going up faster. How can that continue indefinitely? Investors can… — Warren Buffett Copy Share Image
The range of derivatives contracts is limited only by the imagination of man (or sometimes, so it seems, madmen). Say you want… — Warren Buffett Copy Share Image
We've long felt that the only value of stock forecasters is to make fortune tellers look good. Even now, Charlie and I… — Warren Buffett Copy Share Image
Asset-heavy businesses generally earn low rates of return - rates that often barely provide enough capital to fund the inflationary needs of… — Warren Buffett Copy Share Image
[W]e think the very term 'value investing' is redundant. What is 'investing' if it is not the act of seeking value at… — Warren Buffett Copy Share Image
If you know how to value businesses, it's crazy to own 50 stocks or 40 stocks or 30 stocks, probably because there… — Warren Buffett Copy Share Image
Lethargy bordering on sloth remains the cornerstone of our investment style. The exception was Wells Fargo, a superbly-managed, high-return banking operation in… — Warren Buffett Copy Share Image
I don't want to give a lecture to this body that's out there. You know, I mean, having had the heart attack,… — Warren Buffett Copy Share Image
I don't try and guess when to get in and out of the market. I have owned stocks consistently since 1942. I… — Warren Buffett Copy Share Image
If you understood a business perfectly and the future of the business, you would need very little in the way of a… — Warren Buffett Copy Share Image
You have to understand accounting and you have to understand the nuances of accounting. It's the language of business and it's an… — Warren Buffett Copy Share Image
Most investors, both institutional and individual, will find that the best way to own common stocks (shares') is through an index fund… — Warren Buffett Copy Share Image
You should be unconcerned about short-term price action when you own the securities directly, just as you were unconcerned when you owned… — Warren Buffett Copy Share Image
[The U.S. Treasury] can borrow basically unlimited amounts. They can stay there for years and years. These assets will be worth more… — Warren Buffett Copy Share Image
We will continue to ignore political and economic forecasts, which are an expensive distraction for many investors and businessmen. Thirty years ago,… — Warren Buffett Copy Share Image
In a bull market, one must avoid the error of the preening duck that quacks boastfully after a torrential rainstorm, thinking that… — Warren Buffett Copy Share Image
The time to buy stocks is consistently over time. You should never buy your investments with the idea, 'I have to get… — Warren Buffett Copy Share Image
There is no question that an important service is provided to investors by investment companies, investment advisors, trust departments, etc. This service… — Warren Buffett Copy Share Image
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… — Warren Buffett Copy Share Image
It is obvious that the performance of a stock last year or last month is no reason, per se, to either own… — Warren Buffett Copy Share Image
The financial calculus that Charlie and I employ would never permit our trading a good night's sleep for a shot at a… — Warren Buffett Copy Share Image
If you expect to be a net saver during the next 5 years, should you hope for a higher or lower stock… — Warren Buffett Copy Share Image
There are a few investment managers, of course, who are very good - though in the short run, it's difficult to determine… — Warren Buffett Copy Share Image
The value of market esoterica to the consumer of investment advice is a different story. In my opinion, investment success will not… — Warren Buffett Copy Share Image
There is one thing of which I can assure you. If good performance of the fund is even a minor objective, any… — Warren Buffett Copy Share Image
You have to turn over a lot of rocks to find those little anomalies. You have to find the companies that are… — Warren Buffett Copy Share Image
One of the ironies of the stock market is the emphasis on activity. Brokers, using terms such as 'marketability' and 'liquidity,' sing… — Warren Buffett Copy Share Image
To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What's needed is a sound intellectual… — Warren Buffett Copy Share
“Be fearful when others are greedy, and be greedy when others are fearful.” — Warren Buffett Copy Share
Making money isn't the backbone of our guiding purpose; it is the by-product of our guiding purpose. — Warren Buffett Copy Share
We set no volume goals in our insurance business generally-and certainly not in reinsurance-as virtually any volume can be achieved if profitability standards are… — Warren Buffett Copy Share
Everybody's got a different circle of competence. The important thing is not how big the circle is. The important thing is staying inside the… — Warren Buffett Copy Share
It is better to point out your own mistakes than have somebody else do it. — Warren Buffett Copy Share
I've read about all the sales today. If you're an auto dealer, you're feeling it. If you're a furniture retailer like we are, you're… — Warren Buffett Copy Share
I was lucky enough to be born in a time and place where society values my talent, and gave me a good education to… — Warren Buffett Copy Share
The most common cause of low prices is pessimism - some times pervasive, some times specific to a company or industry. We want to… — Warren Buffett Copy Share
The reaction of weak management to weak operations is often weak accounting. — Warren Buffett Copy Share
What you really want to do in investments is figure out what's important and knowable. If it's unimportant or unknowable you forget about it. — Warren Buffett Copy Share
I don't measure my life by the money I've made. Other people might, but certainly don't. — Warren Buffett Copy Share
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… — Warren Buffett Copy Share
The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the… — Warren Buffett Copy Share
Investors, of course, can, by their own behavior make stock ownership highly risky. And many do. Active trading, attempts to "time" market movements, inadequate… — Warren Buffett Copy Share
![“[W]e think the very term 'value investing' is redundant. What is 'investing' if it is not the act of seeking value at least sufficient to justify the amount paid? Consciously paying more for a stock than its calculated value -- in the hope that it can soon be sold for a still-higher price…” quote by Warren Buffett](https://sms4smile.com/q/img-quotes/62b/warren-buffett-183_amount_w-e-think-the-very-term-value-investing_1594487.png)
![“[The U.S. Treasury] can borrow basically unlimited amounts. They can stay there for years and years. These assets will be worth more money over time. So when Merrill Lynch sells a bunch of mortgage-related assets at 22 cents on the dollar like they did a month or so ago, the buyer goes - is going…” quote by Warren Buffett](https://sms4smile.com/q/img-quotes/a2a/warren-buffett-183_amount_the-u-s-treasury-can-borrow-basically-un_2051464.jpg)
