--- title: "13 Earning Quotes By Warren Buffett" description: "13 Earning quotes by Warren Buffett. Plus more from Warren Buffett and more Earning sayings from other authors." image: "https://sms4smile.com/quotes/i/9a4/warren-buffett-183_business_earnings-can-be-pliable-as-putty-when-a_2716187.png" --- > [Earnings can be pliable as putty when a charlatan heads the company reporting them.](https://sms4smile.com/quotes/warren-buffett/earnings-can-be-pliable-as-putty-when-a-charlatan-heads-the-company/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) [Image](https://sms4smile.com/quotes/i/9a4/warren-buffett-183_business_earnings-can-be-pliable-as-putty-when-a_2716187.png) > [Focus on return on equity, not earnings per share.](https://sms4smile.com/quotes/warren-buffett/focus-on-return-on-equity-not-earnings-per-share/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) [Image](https://sms4smile.com/quotes/i/f19/warren-buffett-183_customer_focus-on-return-on-equity-not-earnings-p_1878879.png) > [Calculate "owner earnings" to get a true reflection of value.](https://sms4smile.com/quotes/warren-buffett/calculate-owner-earnings-to-get-a-true-reflection-of-value/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) [Image](https://sms4smile.com/quotes/i/f07/warren-buffett-183_customer_calculate-owner-earnings-to-get-a-true-r_809746.png) > [The dominant factors affecting control valuations are earning power (past and prospective) and asset values.](https://sms4smile.com/quotes/warren-buffett/the-dominant-factors-affecting-control-valuations-are-earning-power/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) [Image](https://sms4smile.com/quotes/i/171/warren-buffett-183_assets_the-dominant-factors-affecting-control-v_2694671.png) > [Many stock options in the corporate world have worked in exactly that fashion: they have gained in value simply because management retained…](https://sms4smile.com/quotes/warren-buffett/many-stock-options-in-the-corporate-world-have-worked-in-exactly-that/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) [Image](https://sms4smile.com/quotes/i/309/warren-buffett-183_corporate_many-stock-options-in-the-corporate-worl_2859281.png) > [Would your reply possibly be this? Well, it all depends on what my tax rate will be on the gain you're saying…](https://sms4smile.com/quotes/warren-buffett/would-your-reply-possibly-be-this-well-it-all-depends-on-what-my-tax/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) [Image](https://sms4smile.com/quotes/i/8ec/warren-buffett-183_accounts_would-your-reply-possibly-be-this-well-i_1972188.jpg) > [Asset values and earning power are the dominant factors affecting the valuation of a controlling interest in a business. Market price, which…](https://sms4smile.com/quotes/warren-buffett/asset-values-and-earning-power-are-the-dominant-factors-affecting-the/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) [Image](https://sms4smile.com/quotes/i/2be/warren-buffett-183_assets_asset-values-and-earning-power-are-the-d_390410.png) > [It isn't given to man to be able to run a financial institution where different interest-rate scenarios will prevail on all of…](https://sms4smile.com/quotes/warren-buffett/it-isn-t-given-to-man-to-be-able-to-run-a-financial-institution-where/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) [Image](https://sms4smile.com/quotes/i/666/warren-buffett-183_able_it-isn-t-given-to-man-to-be-able-to-run_199821.jpg) > [In our view, though, investment students need only two well-taught courses-How to Value a Business, and How to Think about Market Prices.…](https://sms4smile.com/quotes/warren-buffett/in-our-view-though-investment-students-need-only-two-well-taught/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) [Image](https://sms4smile.com/quotes/i/b75/warren-buffett-183_business_in-our-view-though-investment-students-n_2278603.jpg) > [If you don’t feel comfortable making a rough estimate of the asset’s future earnings, just forget it and move on. No one…](https://sms4smile.com/quotes/warren-buffett/if-you-don-t-feel-comfortable-making-a-rough-estimate-of-the-asset-s/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) [Image](https://sms4smile.com/quotes/i/77d/warren-buffett-183_ability_if-you-don-t-feel-comfortable-making-a-r_765921.jpg) > [Accounting consequences do not influence our operating or capital-allocation decisions. When acquisition costs are similar, we much prefer to purchase $2 of…](https://sms4smile.com/quotes/warren-buffett/accounting-consequences-do-not-influence-our-operating-or-capital/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) [Image](https://sms4smile.com/quotes/i/e41/warren-buffett-183_accounting_accounting-consequences-do-not-influence_63234.png) > [If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes. Put together…](https://sms4smile.com/quotes/warren-buffett/if-you-aren-t-willing-to-own-a-stock-for-ten-years-don-t-even-think/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) [Image](https://sms4smile.com/quotes/i/71b/warren-buffett-183_buffets_if-you-aren-t-willing-to-own-a-stock-for_2880433.png) > [You have to turn over a lot of rocks to find those little anomalies. You have to find the companies that are…](https://sms4smile.com/quotes/warren-buffett/you-have-to-turn-over-a-lot-of-rocks-to-find-those-little-anomalies/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) [Image](https://sms4smile.com/quotes/i/12c/warren-buffett-183_anomalies_you-have-to-turn-over-a-lot-of-rocks-to_386430.png) ## Other authors on Earning ## More by Warren Buffett > [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…](https://sms4smile.com/quotes/warren-buffett/to-invest-successfully-over-a-lifetime-does-not-require-a/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [“Be fearful when others are greedy, and be greedy when others are fearful.”](https://sms4smile.com/quotes/warren-buffett/be-fearful-when-others-are-greedy-and-be-greedy-when-others-are/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [Making money isn't the backbone of our guiding purpose; it is the by-product of our guiding purpose.](https://sms4smile.com/quotes/warren-buffett/making-money-isn-t-the-backbone-of-our-guiding-purpose-it-is-the-by/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [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…](https://sms4smile.com/quotes/warren-buffett/we-set-no-volume-goals-in-our-insurance-business-generally-and/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [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…](https://sms4smile.com/quotes/warren-buffett/everybody-s-got-a-different-circle-of-competence-the-important-thing/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [It is better to point out your own mistakes than have somebody else do it.](https://sms4smile.com/quotes/warren-buffett/it-is-better-to-point-out-your-own-mistakes-than-have-somebody-else/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [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…](https://sms4smile.com/quotes/warren-buffett/i-ve-read-about-all-the-sales-today-if-you-re-an-auto-dealer-you-re/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [I was lucky enough to be born in a time and place where society values my talent, and gave me a good education to…](https://sms4smile.com/quotes/warren-buffett/i-was-lucky-enough-to-be-born-in-a-time-and-place-where-society/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [The most common cause of low prices is pessimism - some times pervasive, some times specific to a company or industry. We want to…](https://sms4smile.com/quotes/warren-buffett/the-most-common-cause-of-low-prices-is-pessimism-some-times-pervasive/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [The reaction of weak management to weak operations is often weak accounting.](https://sms4smile.com/quotes/warren-buffett/the-reaction-of-weak-management-to-weak-operations-is-often-weak/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [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.](https://sms4smile.com/quotes/warren-buffett/what-you-really-want-to-do-in-investments-is-figure-out-what-s/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [I don't measure my life by the money I've made. Other people might, but certainly don't.](https://sms4smile.com/quotes/warren-buffett/i-don-t-measure-my-life-by-the-money-i-ve-made-other-people-might-but/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [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…](https://sms4smile.com/quotes/warren-buffett/i-mean-the-truth-is-i-ve-never-had-it-so-good-in-terms-of-taxes-i-am/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the…](https://sms4smile.com/quotes/warren-buffett/the-most-important-quality-for-an-investor-is-temperament-not/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [Investors, of course, can, by their own behavior make stock ownership highly risky. And many do. Active trading, attempts to "time" market movements, inadequate…](https://sms4smile.com/quotes/warren-buffett/investors-of-course-can-by-their-own-behavior-make-stock-ownership/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "ItemList", "@id": "https://sms4smile.com/quotes/about/earning/warren-buffett/#itemlist", "name": "13 Earning Quotes By Warren Buffett", "numberOfItems": 13, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "Earnings can be pliable as putty when a charlatan heads the company reporting them.", "creator": { "@type": "Person", "name": "Warren Buffett" }, "url": "https://sms4smile.com/quotes/warren-buffett/earnings-can-be-pliable-as-putty-when-a-charlatan-heads-the-company/", "image": { "@type": "ImageObject", "@id": 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"Person", "name": "Warren Buffett" }, "url": "https://sms4smile.com/quotes/warren-buffett/many-stock-options-in-the-corporate-world-have-worked-in-exactly-that/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/309/warren-buffett-183_corporate_many-stock-options-in-the-corporate-worl_2859281.png", "contentUrl": "https://sms4smile.com/quotes/i/309/warren-buffett-183_corporate_many-stock-options-in-the-corporate-worl_2859281.png", "url": "https://sms4smile.com/quotes/i/309/warren-buffett-183_corporate_many-stock-options-in-the-corporate-worl_2859281.png", "width": 1080, "height": 1080, "caption": "“Many stock options in the corporate world have worked in exactly that fashion: they have gained in value…” — Warren Buffett", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 6, "item": { "@type": "Quotation", "text": "Would your reply possibly be this? Well, it all depends on what my tax rate will be on the gain you're saying we're going to make. If the taxes are too high, I would rather leave the money in my savings account, earning a quarter of 1 percent. Only in Grover Norquist's imagination does such a response exist.", "creator": { "@type": "Person", "name": "Warren Buffett" }, "url": "https://sms4smile.com/quotes/warren-buffett/would-your-reply-possibly-be-this-well-it-all-depends-on-what-my-tax/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/8ec/warren-buffett-183_accounts_would-your-reply-possibly-be-this-well-i_1972188.jpg", "contentUrl": "https://sms4smile.com/quotes/i/8ec/warren-buffett-183_accounts_would-your-reply-possibly-be-this-well-i_1972188.jpg", "url": "https://sms4smile.com/quotes/i/8ec/warren-buffett-183_accounts_would-your-reply-possibly-be-this-well-i_1972188.jpg", "width": 1080, "height": 1080, "caption": "“Would your reply possibly be this? Well, it all depends on what my tax rate will be on the gain you're…” — Warren Buffett", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 7, "item": { "@type": "Quotation", "text": "Asset values and earning power are the dominant factors affecting the valuation of a controlling interest in a business. Market price, which governs valuation of minority interest positions, is of little or no importance in valuing a controlling interest.", "creator": { "@type": "Person", "name": "Warren Buffett" }, "url": "https://sms4smile.com/quotes/warren-buffett/asset-values-and-earning-power-are-the-dominant-factors-affecting-the/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/2be/warren-buffett-183_assets_asset-values-and-earning-power-are-the-d_390410.png", "contentUrl": "https://sms4smile.com/quotes/i/2be/warren-buffett-183_assets_asset-values-and-earning-power-are-the-d_390410.png", "url": "https://sms4smile.com/quotes/i/2be/warren-buffett-183_assets_asset-values-and-earning-power-are-the-d_390410.png", "width": 1080, "height": 1080, "caption": "“Asset values and earning power are the dominant factors affecting the valuation of a controlling interest in…” — Warren Buffett", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 8, "item": { "@type": "Quotation", "text": "It isn't given to man to be able to run a financial institution where different interest-rate scenarios will prevail on all of that so as to produce kind of smooth, regular earnings from a very large base to start with.", "creator": { "@type": "Person", "name": "Warren Buffett" }, "url": "https://sms4smile.com/quotes/warren-buffett/it-isn-t-given-to-man-to-be-able-to-run-a-financial-institution-where/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/666/warren-buffett-183_able_it-isn-t-given-to-man-to-be-able-to-run_199821.jpg", "contentUrl": "https://sms4smile.com/quotes/i/666/warren-buffett-183_able_it-isn-t-given-to-man-to-be-able-to-run_199821.jpg", "url": "https://sms4smile.com/quotes/i/666/warren-buffett-183_able_it-isn-t-given-to-man-to-be-able-to-run_199821.jpg", "width": 1080, "height": 1080, "caption": "“It isn't given to man to be able to run a financial institution where different interest-rate scenarios will…” — Warren Buffett", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 9, "item": { "@type": "Quotation", "text": "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.", "creator": { "@type": "Person", "name": "Warren Buffett" }, "url": "https://sms4smile.com/quotes/warren-buffett/in-our-view-though-investment-students-need-only-two-well-taught/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/b75/warren-buffett-183_business_in-our-view-though-investment-students-n_2278603.jpg", "contentUrl": "https://sms4smile.com/quotes/i/b75/warren-buffett-183_business_in-our-view-though-investment-students-n_2278603.jpg", "url": "https://sms4smile.com/quotes/i/b75/warren-buffett-183_business_in-our-view-though-investment-students-n_2278603.jpg", "width": 1080, "height": 1080, "caption": "“In our view, though, investment students need only two well-taught courses-How to Value a Business, and How…” — Warren Buffett", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 10, "item": { "@type": "Quotation", "text": "If you don’t feel comfortable making a rough estimate of the asset’s future earnings, just forget it and move on. No one has the ability to evaluate every investment possibility. But omniscience isn’t necessary; you only need to understand the actions you undertake.", "creator": { "@type": "Person", "name": "Warren Buffett" }, "url": "https://sms4smile.com/quotes/warren-buffett/if-you-don-t-feel-comfortable-making-a-rough-estimate-of-the-asset-s/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/77d/warren-buffett-183_ability_if-you-don-t-feel-comfortable-making-a-r_765921.jpg", "contentUrl": "https://sms4smile.com/quotes/i/77d/warren-buffett-183_ability_if-you-don-t-feel-comfortable-making-a-r_765921.jpg", "url": "https://sms4smile.com/quotes/i/77d/warren-buffett-183_ability_if-you-don-t-feel-comfortable-making-a-r_765921.jpg", "width": 1080, "height": 1080, "caption": "“If you don’t feel comfortable making a rough estimate of the asset’s future earnings, just forget it and…” — Warren Buffett", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 11, "item": { "@type": "Quotation", "text": "Accounting consequences do not influence our operating or capital-allocation decisions. When acquisition costs are similar, we much prefer to purchase $2 of earnings that is not reportable by us under standard accounting principles than to purchase $1 of earnings that is reportable.", "creator": { "@type": "Person", "name": "Warren Buffett" }, "url": "https://sms4smile.com/quotes/warren-buffett/accounting-consequences-do-not-influence-our-operating-or-capital/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/e41/warren-buffett-183_accounting_accounting-consequences-do-not-influence_63234.png", "contentUrl": "https://sms4smile.com/quotes/i/e41/warren-buffett-183_accounting_accounting-consequences-do-not-influence_63234.png", "url": "https://sms4smile.com/quotes/i/e41/warren-buffett-183_accounting_accounting-consequences-do-not-influence_63234.png", "width": 1080, "height": 1080, "caption": "“Accounting consequences do not influence our operating or capital-allocation decisions. When acquisition…” — Warren Buffett", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 12, "item": { "@type": "Quotation", "text": "If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes. Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio's market value.", "creator": { "@type": "Person", "name": "Warren Buffett" }, "url": "https://sms4smile.com/quotes/warren-buffett/if-you-aren-t-willing-to-own-a-stock-for-ten-years-don-t-even-think/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/71b/warren-buffett-183_buffets_if-you-aren-t-willing-to-own-a-stock-for_2880433.png", "contentUrl": "https://sms4smile.com/quotes/i/71b/warren-buffett-183_buffets_if-you-aren-t-willing-to-own-a-stock-for_2880433.png", "url": "https://sms4smile.com/quotes/i/71b/warren-buffett-183_buffets_if-you-aren-t-willing-to-own-a-stock-for_2880433.png", "width": 1080, "height": 1080, "caption": "“If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes. Put…” — Warren Buffett", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 13, "item": { "@type": "Quotation", "text": "You have to turn over a lot of rocks to find those little anomalies. You have to find the companies that are off the map - way off the map. You may find local companies that have nothing wrong with them at all. A company that I found, Western Insurance Securities, was trading for $3/share when it was earning $20/share!! I tried to buy up as much of it as possible. No one will tell you about these businesses. You have to find them.", "creator": { "@type": "Person", "name": "Warren Buffett" }, "url": "https://sms4smile.com/quotes/warren-buffett/you-have-to-turn-over-a-lot-of-rocks-to-find-those-little-anomalies/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/12c/warren-buffett-183_anomalies_you-have-to-turn-over-a-lot-of-rocks-to_386430.png", "contentUrl": "https://sms4smile.com/quotes/i/12c/warren-buffett-183_anomalies_you-have-to-turn-over-a-lot-of-rocks-to_386430.png", "url": "https://sms4smile.com/quotes/i/12c/warren-buffett-183_anomalies_you-have-to-turn-over-a-lot-of-rocks-to_386430.png", "width": 1080, "height": 1080, "caption": "“You have to turn over a lot of rocks to find those little anomalies. You have to find the companies that are…” — Warren Buffett", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } } ] }, { "@type": "CollectionPage", "@id": "https://sms4smile.com/quotes/about/earning/warren-buffett/#webpage", "url": "https://sms4smile.com/quotes/about/earning/warren-buffett/", "name": "Earning Quotes by Warren Buffett", "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "mainEntity": { "@id": "https://sms4smile.com/quotes/about/earning/warren-buffett/#itemlist" }, "primaryImageOfPage": { "@id": "https://sms4smile.com/quotes/i/9a4/warren-buffett-183_business_earnings-can-be-pliable-as-putty-when-a_2716187.png" }, "description": "13 Earning quotes by Warren Buffett. 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