--- title: "9 Gains Quotes By Warren Buffett" description: "9 Gains quotes by Warren Buffett. Plus more from Warren Buffett and more Gains sayings from other authors." image: "https://sms4smile.com/quotes/i/cf5/warren-buffett-183_capital-gains_i-have-worked-with-investors-for-60-year_349033.png" --- > [I have worked with investors for 60 years and I have yet to see anyone - not even when capital gains rates…](https://sms4smile.com/quotes/warren-buffett/i-have-worked-with-investors-for-60-years-and-i-have-yet-to-see/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) [Image](https://sms4smile.com/quotes/i/cf5/warren-buffett-183_capital-gains_i-have-worked-with-investors-for-60-year_349033.png) > [Our future rates of gain will fall far short of those achieved in the past. Berkshire's capital base is now simply too…](https://sms4smile.com/quotes/warren-buffett/our-future-rates-of-gain-will-fall-far-short-of-those-achieved-in-the/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) [Image](https://sms4smile.com/quotes/i/e64/warren-buffett-183_believe_our-future-rates-of-gain-will-fall-far-s_1484201.jpg) > [We're paying maybe 25 percent of the income tax, but the payroll tax is over a third of the receipts of the…](https://sms4smile.com/quotes/warren-buffett/we-re-paying-maybe-25-percent-of-the-income-tax-but-the-payroll-tax/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) [Image](https://sms4smile.com/quotes/i/694/warren-buffett-183_capital-gains_we-re-paying-maybe-25-percent-of-the-inc_1875039.png) > [It's got to be the best intellectual exercise out there. You're seeing through new situations every ten minutes. In the stock market…](https://sms4smile.com/quotes/warren-buffett/it-s-got-to-be-the-best-intellectual-exercise-out-there-you-re-seeing/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) [Image](https://sms4smile.com/quotes/i/035/warren-buffett-183_being-the-best_it-s-got-to-be-the-best-intellectual-exe_2454539.png) > [I have never been able to understand why the tax comes as such a body blow to many people since the rate…](https://sms4smile.com/quotes/warren-buffett/i-have-never-been-able-to-understand-why-the-tax-comes-as-such-a-body/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) [Image](https://sms4smile.com/quotes/i/404/warren-buffett-183_able_i-have-never-been-able-to-understand-why_1168139.jpg) > [The capital gains tax is 15 percent now. So I sit there in my office and I make a lot of money…](https://sms4smile.com/quotes/warren-buffett/the-capital-gains-tax-is-15-percent-now-so-i-sit-there-in-my-office/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) [Image](https://sms4smile.com/quotes/i/35f/warren-buffett-183_capital-gains_the-capital-gains-tax-is-15-percent-now_3050135.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) > [Take the probability of loss times the amount of possible loss from the probability of gain times the amount of possible gain.…](https://sms4smile.com/quotes/warren-buffett/take-the-probability-of-loss-times-the-amount-of-possible-loss-from/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) [Image](https://sms4smile.com/quotes/i/c14/warren-buffett-183_amount_take-the-probability-of-loss-times-the-a_2701336.png) > [So smile when you read a headline that says "Investors lose as market falls." Edit it in your mind to "Disinvestors lose…](https://sms4smile.com/quotes/warren-buffett/so-smile-when-you-read-a-headline-that-says-investors-lose-as-market/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) [Image](https://sms4smile.com/quotes/i/1f9/warren-buffett-183_buyers_so-smile-when-you-read-a-headline-that-s_398823.png) ## Other authors on Gains ## 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/gains/warren-buffett/#itemlist", "name": "9 Gains Quotes By Warren Buffett", "numberOfItems": 9, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "I have worked with investors for 60 years and I have yet to see anyone - not even when capital gains rates were 39.9 percent in 1976-77 - shy away from a sensible investment because of the tax rate on the potential gain.", "creator": { "@type": "Person", "name": "Warren Buffett" }, "url": "https://sms4smile.com/quotes/warren-buffett/i-have-worked-with-investors-for-60-years-and-i-have-yet-to-see/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/cf5/warren-buffett-183_capital-gains_i-have-worked-with-investors-for-60-year_349033.png", "contentUrl": "https://sms4smile.com/quotes/i/cf5/warren-buffett-183_capital-gains_i-have-worked-with-investors-for-60-year_349033.png", "url": "https://sms4smile.com/quotes/i/cf5/warren-buffett-183_capital-gains_i-have-worked-with-investors-for-60-year_349033.png", "width": 1080, "height": 1080, "caption": "“I have worked with investors for 60 years and I have yet to see anyone - not even when capital gains rates…” — Warren Buffett", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 2, "item": { "@type": "Quotation", "text": "Our future rates of gain will fall far short of those achieved in the past. Berkshire's capital base is now simply too large to allow us to earn truly outsized returns. If you believe otherwise, you should consider a career in sales but avoid one in mathematics.", "creator": { "@type": "Person", "name": "Warren Buffett" }, "url": "https://sms4smile.com/quotes/warren-buffett/our-future-rates-of-gain-will-fall-far-short-of-those-achieved-in-the/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/e64/warren-buffett-183_believe_our-future-rates-of-gain-will-fall-far-s_1484201.jpg", "contentUrl": "https://sms4smile.com/quotes/i/e64/warren-buffett-183_believe_our-future-rates-of-gain-will-fall-far-s_1484201.jpg", "url": "https://sms4smile.com/quotes/i/e64/warren-buffett-183_believe_our-future-rates-of-gain-will-fall-far-s_1484201.jpg", "width": 1080, "height": 1080, "caption": "“Our future rates of gain will fall far short of those achieved in the past. 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They don't take that from me on dividends.", "creator": { "@type": "Person", "name": "Warren Buffett" }, "url": "https://sms4smile.com/quotes/warren-buffett/we-re-paying-maybe-25-percent-of-the-income-tax-but-the-payroll-tax/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/694/warren-buffett-183_capital-gains_we-re-paying-maybe-25-percent-of-the-inc_1875039.png", "contentUrl": "https://sms4smile.com/quotes/i/694/warren-buffett-183_capital-gains_we-re-paying-maybe-25-percent-of-the-inc_1875039.png", "url": "https://sms4smile.com/quotes/i/694/warren-buffett-183_capital-gains_we-re-paying-maybe-25-percent-of-the-inc_1875039.png", "width": 1080, "height": 1080, "caption": "“We're paying maybe 25 percent of the income tax, but the payroll tax is over a third of the receipts of the…” — Warren Buffett", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 4, "item": { "@type": "Quotation", "text": "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.", "creator": { "@type": "Person", "name": "Warren Buffett" }, "url": "https://sms4smile.com/quotes/warren-buffett/it-s-got-to-be-the-best-intellectual-exercise-out-there-you-re-seeing/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/035/warren-buffett-183_being-the-best_it-s-got-to-be-the-best-intellectual-exe_2454539.png", "contentUrl": "https://sms4smile.com/quotes/i/035/warren-buffett-183_being-the-best_it-s-got-to-be-the-best-intellectual-exe_2454539.png", "url": "https://sms4smile.com/quotes/i/035/warren-buffett-183_being-the-best_it-s-got-to-be-the-best-intellectual-exe_2454539.png", "width": 1080, "height": 1080, "caption": "“It's got to be the best intellectual exercise out there. 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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.", "creator": { "@type": "Person", "name": "Warren Buffett" }, "url": "https://sms4smile.com/quotes/warren-buffett/the-capital-gains-tax-is-15-percent-now-so-i-sit-there-in-my-office/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/35f/warren-buffett-183_capital-gains_the-capital-gains-tax-is-15-percent-now_3050135.png", "contentUrl": "https://sms4smile.com/quotes/i/35f/warren-buffett-183_capital-gains_the-capital-gains-tax-is-15-percent-now_3050135.png", "url": "https://sms4smile.com/quotes/i/35f/warren-buffett-183_capital-gains_the-capital-gains-tax-is-15-percent-now_3050135.png", "width": 1080, "height": 1080, "caption": "“The capital gains tax is 15 percent now. So I sit there in my office and I make a lot of money by capital…” — Warren Buffett", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 7, "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? 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It's imperfect, but that's what it's all about.", "creator": { "@type": "Person", "name": "Warren Buffett" }, "url": "https://sms4smile.com/quotes/warren-buffett/take-the-probability-of-loss-times-the-amount-of-possible-loss-from/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/c14/warren-buffett-183_amount_take-the-probability-of-loss-times-the-a_2701336.png", "contentUrl": "https://sms4smile.com/quotes/i/c14/warren-buffett-183_amount_take-the-probability-of-loss-times-the-a_2701336.png", "url": "https://sms4smile.com/quotes/i/c14/warren-buffett-183_amount_take-the-probability-of-loss-times-the-a_2701336.png", "width": 1080, "height": 1080, "caption": "“Take the probability of loss times the amount of possible loss from the probability of gain times the amount…” — Warren Buffett", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 9, "item": { "@type": "Quotation", "text": "So smile when you read a headline that says \"Investors lose as market falls.\" Edit it in your mind to \"Disinvestors lose as market falls-but investors gain.\" Though writers often forget this truism, there is a buyer for every seller and what hurts one necessarily helps the other. (As they say in golf matches: \"Every putt makes someone happy.\")", "creator": { "@type": "Person", "name": "Warren Buffett" }, "url": "https://sms4smile.com/quotes/warren-buffett/so-smile-when-you-read-a-headline-that-says-investors-lose-as-market/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/1f9/warren-buffett-183_buyers_so-smile-when-you-read-a-headline-that-s_398823.png", "contentUrl": "https://sms4smile.com/quotes/i/1f9/warren-buffett-183_buyers_so-smile-when-you-read-a-headline-that-s_398823.png", "url": "https://sms4smile.com/quotes/i/1f9/warren-buffett-183_buyers_so-smile-when-you-read-a-headline-that-s_398823.png", "width": 1080, "height": 1080, "caption": "“So smile when you read a headline that says \"Investors lose as market falls.\" Edit it in your mind to…” — Warren Buffett", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } } ] }, { "@type": "CollectionPage", "@id": "https://sms4smile.com/quotes/about/gains/warren-buffett/#webpage", "url": "https://sms4smile.com/quotes/about/gains/warren-buffett/", "name": "Gains Quotes by Warren Buffett", "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "mainEntity": { "@id": "https://sms4smile.com/quotes/about/gains/warren-buffett/#itemlist" }, "primaryImageOfPage": { "@id": "https://sms4smile.com/quotes/i/cf5/warren-buffett-183_capital-gains_i-have-worked-with-investors-for-60-year_349033.png" }, "description": "9 Gains quotes by Warren Buffett. 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