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
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
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
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
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
An irresistable footnote: in 1971, pension fund managers invested a record 122% of net funds available in equities - at full prices… — Warren Buffett Copy Share Image
I have pledged - to you, the rating agencies and myself - to always run Berkshire with more than ample cash. We… — Warren Buffett Copy Share Image
I won't close down a business of subnormal profitability merely to add a fraction of a point to our corporate returns. I… — Warren Buffett Copy Share Image
A pin lies in wait for every bubble. And when the two eventually meet, a new wave of investors learns some very… — Warren Buffett Copy Share Image
But, surprise - none of these blockbuster events made the slightest dent in Ben Graham's investment principles. Nor did they render unsound… — 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
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
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
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
No formula in finance tells you that the moat is 28 feet wide and 16 feet deep. That's what drives the academics… — Warren Buffett Copy Share Image
Many stock options in the corporate world have worked in exactly that fashion: they have gained in value simply because management retained… — Warren Buffett Copy Share Image
When 40 billion of treasury bills are sold like, seven day treasury bills, at a yield of 1/20th of one percent, that… — Warren Buffett Copy Share Image
There are all kinds of businesses that Charlie and I don't understand, but that doesn't cause us to stay up at night.… — Warren Buffett Copy Share Image
A prediction about the direction of the stock market tells you nothing about where stocks are headed, but a whole lot about… — Warren Buffett Copy Share Image
At Berkshire, I both initiate and monitor every derivatives contract on our books ... If Berkshire ever gets in trouble, it will… — Warren Buffett Copy Share Image
Interest rates are to asset prices what gravity is to the apple. When there are low interest rates, there is a very… — Warren Buffett Copy Share Image
Time is your friend, impulse is your enemy. Take advantage of compound interest and don't be captivated by the siren song of… — Warren Buffett Copy Share Image
Great investment opportunities come around when excellent companies are surrounded by unusual circumstances that cause the stock to be misappraised. — Warren Buffett Copy Share Image
We believe that according the name 'investors' to institutions that trade actively is like calling someone who repeatedly engages in one-night stands… — Warren Buffett Copy Share Image
We do not view the company itself as the ultimate owner of our business assets but instead view the company as a… — Warren Buffett Copy Share Image
The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being… — Warren Buffett Copy Share Image
Anything can happen anytime in markets. And no advisor, economist, or TV commentator-and definitely not Charlie nor I-can tell you when chaos… — Warren Buffett Copy Share Image
... it's important to have the right monetary policy. It's important for, to have the right fiscal policy. But it's nowhere near… — Warren Buffett Copy Share Image
The real fortunes in this country have been made by people who have been right about the business they invested in, and… — Warren Buffett Copy Share Image
It's a nightmare to administer some of this sort of thing, but I want to tell the shareholders of Berkshire, to the… — Warren Buffett Copy Share Image
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… — Warren Buffett Copy Share Image
If you don’t feel comfortable making a rough estimate of the asset’s future earnings, just forget it and move on. No one… — Warren Buffett Copy Share Image
The (stock) market is there only as a reference point to see if anybody is offering to do anything foolish. When we… — Warren Buffett Copy Share Image
Like most trends, at the beginning it's driven by fundamentals, at some point speculation takes over. What the wise man does in… — Warren Buffett Copy Share Image
I think you'll have plenty of scrutiny as how the money's invested. I mean, just like the RFC. When the RFC operated,… — Warren Buffett Copy Share Image
I mean, in terms of alternatives, some people have suggested for example that why don't we - why isn't America doing what… — Warren Buffett Copy Share Image
If you invested in a very low cost index fund - where you don't put the money in at one time, but… — Warren Buffett Copy Share Image
Wild swings in share prices have more to do with the "lemming- like" behaviour of institutional investors than with the aggregate returns… — 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
