Inspiration and wisdom from divine felines

458 Quotes About Warren Buffett

Wikipedia Summary for Warren Buffett

Warren Edward Buffett ( BUFF-itt; born August 30, 1930) is an American investor, business tycoon, philanthropist, and the chairman and CEO of Berkshire Hathaway. He is considered one of the most successful investors in the world and has a net worth of over $100.6 billion as of April 2021, making him the world's seventh-wealthiest person.

Buffett was born in Omaha, Nebraska. He developed an interest in business and investing in his youth, eventually entering the Wharton School of the University of Pennsylvania in 1947 before transferring to and graduating from the University of Nebraska at 19. He went on to graduate from Columbia Business School, where he molded his investment philosophy around the concept of value investing pioneered by Benjamin Graham. He attended New York Institute of Finance to focus his economics background and soon after began various business partnerships, including one with Graham. He created Buffett Partnership, Ltd in 1956 and his firm eventually acquired a textile manufacturing firm called Berkshire Hathaway, assuming its name to create a diversified holding company. In 1978, Charlie Munger joined Buffett as vice-chairman.

Buffett has been the chairman and largest shareholder of Berkshire Hathaway since 1970. He has been referred to as the "Oracle" or "Sage" of Omaha by global media. He is noted for his adherence to value investing, and his personal frugality despite his immense wealth. Research published at the University of Oxford characterizes Buffett's investment methodology as falling within "founder centrism", defined by a deference to managers with a founder's mindset, an ethical disposition towards the shareholder collective, and an intense focus on exponential value creation. Essentially, Buffett's concentrated investments shelter managers from the short-term pressures of the market.

Buffett is a notable philanthropist, having pledged to give away 99 percent of his fortune to philanthropic causes, primarily via the Bill & Melinda Gates Foundation. He founded The Giving Pledge in 2009 with Bill Gates, whereby billionaires pledge to give away at least half of their fortunes.

None

I just naturally want to do things that make sense. In my personal life too, I don't care what other rich people are doing. I don't want a 405 foot boat just because someone else has a 400 foot boat.

--Warren Buffett

black textile in close up photography

Successful Investing takes time, discipline and patience. No matter how great the talent or effort, some things just take time: You can't produce a baby in one month by getting nine women pregnant.

--Warren Buffett

yellow flower in green grass field

Our approach is very much profiting from lack of change rather than from change.

--Warren Buffett


shooting star in night sky

What we learn from history is that people don't learn from history.

--Warren Buffett

silhouette of man standing on rock while looking in sky

It's the deleveraging that's going on right now that has caused the credit crisis.

--Warren Buffett


silhouette of person on top of mountain pointing flashlight on sky filled with stars at night time

I just sit in my office and read all day.

--Warren Buffett

rock formation surrounding by body of water

If you want to soar like an eagle in life, you can't be flocking with the turkeys.

--Warren Buffett

photography of white wall lot

I mean, you know, you're not going to change the human animal. And the human animal really doesn't get a lot smarter.

--Warren Buffett

old cowboy boots

Energy deregulation will be the largest transfer of wealth in history.

--Warren Buffett




white pencil on black platform

I think you are out of your mind if you keep taking jobs that you don't like because you think it will look good on your resume. Isn't that a little like saving up sex for your old age?

--Warren Buffett

blue and white abstract painting

Americans are in a cycle of fear which leads to people not wanting to spend and not wanting to make investments, and that leads to more fear. We'll break out of it. It takes time.

--Warren Buffett

body of water

In my view, the trade deficit will create political turmoil at some point...Pretty soon, I think there will be a big adjustment.

--Warren Buffett

mountains under starry sky during nighttime

That's the reality of what they're going to sell them to the Treasury for.

--Warren Buffett

leafless tree on snow covered ground

Focus alone is not enough; putting in the time to commit is also crucial to achieve success.

--Warren Buffett


pink and blue sky with moon

I don't want to be on the other side of the table from the customer. I was never selling anything that I didn't believe in myself or use myself.

--Warren Buffett

man in black and white striped shirt sitting on brown rock during daytime

Without passion, you don't have energy. Without energy, you have nothing.

--Warren Buffett

brown sand under blue sky during daytime

The fact that people will be full of greed, fear, or folly is predictable. The sequence is not predictable.

--Warren Buffett

woman in blue denim jacket and black pants standing beside train

What the wise do in the beginning, fools do in the end.

--Warren Buffett

rock formation surrounding by body of water

It's almost impossible to overpay the truly extraordinary CEO... but the species is rare.

--Warren Buffett

three books on surface

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.

--Warren Buffett

silhouette of person standing beside bare tree under stary sky

If you are a professional and have confidence, then I would advocate lots of concentration.

--Warren Buffett

gray satellite disc on field

Price is what you pay. Value is what you get.

--Warren Buffett


shallow focus photography of brown parquet flooring

If you have a great manager, you want to pay him very well.

--Warren Buffett

green water in close up photography

You're dealing with a lot of silly people in the marketplace; it's like a great big casino and everyone else is boozing. If you can stick with Pepsi, you should be OK.

--Warren Buffett

None

If we have a strength, it is in recognizing when we are operating well within our circle of competence and when we are approaching the perimeter.

--Warren Buffett

black textile in close up photography

Do what you love and work for whom you admire the most, and you've given yourself the best chance in life you can.

--Warren Buffett

red and white led lighted heart decor

I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.

--Warren Buffett

green water in close up photography

The big question about how people behave is whether they've got an Inner Scorecard or an Outer Scorecard. It helps if you can be satisfied with an Inner Scorecard.

--Warren Buffett

grass field under cloudy sky

Never give up searching for the job that you're passionate about.

--Warren Buffett

Longer Version:

Never give up searching for the job that you're passionate about. Try to find the job you'd have if you were independently rich. Forget about the pay. When you're associating with the people that you love, doing what you love, it doesn't get any better than that.


red moon at night

An investor should ordinarily hold a small piece of an outstanding business with the same tenacity that an owner would exhibit if he owned all of that business.

--Warren Buffett

black and white bird on seashore

If merely looking up past financial data would tell you what the future holds, The Forbes 400 would consist of librarians.

--Warren Buffett


red surface

During inflation, Goodwill is the gift that keeps on giving.

--Warren Buffett

pink and blue painted wall

The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.

--Warren Buffett

shallow focus photography of stack of books

I know that Congress will do the right thing.

--Warren Buffett

Arizona landscape rocks

When asked how he became so successful in investing, Buffett answered: 'we read hundreds and hundreds of annual reports every year.

--Warren Buffett

photography of lake near tree

Our favorite holding period is forever.

--Warren Buffett

Longer Version:

Our favorite holding period is forever. We are just the opposite of those who hurry to sell and book profits when companies perform well but who tenaciously hang on to businesses that disappoint. Peter Lynch aptly likens such behavior to cutting the flowers and watering the weeds.


couple sitting near trees during golden hour

You get what I call the natural progression, the three Is. The innovators, the imitators, and the idiots.

--Warren Buffett

boat docked near house

Is management candid with the shareholders?

--Warren Buffett

pink petaled flower field

We have embraced the 21st century by entering such cutting-edge industries as brick, carpet, insulation and paint. Try to control your excitement.

--Warren Buffett

white and blue building under clear sky

Take the probability of loss times the amount of possible loss from the probability of gain times the amount of possible gain. That is what we're trying to do. It's imperfect, but that's what it's all about.

--Warren Buffett

brown rocky mountain under blue sky during daytime

People will always try to stop you from doing the right thing if it is unconventional.

--Warren Buffett

leafless tree

We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.

--Warren Buffett


white textile on brown textile

Investors making purchases in an overheated market need to recognize that it may often take an extended period for the value of even an outstanding company to catch up with the price they paid.

--Warren Buffett

woman singing on stage

Only when the tide goes out do you discover who's been swimming naked.

--Warren Buffett

brown and white bird on tree branch

The smartest side to take in a bidding war is the losing side.

--Warren Buffett

sunset

Buy stocks like you buy your groceries, not like you buy your perfume.

--Warren Buffett

green and blue chevron textile

A CEO's behavior has a huge impact on managers down the line.

--Warren Buffett

black pug puppy on white and pink textile

The Noah rule: Predicting rain doesn't count; building arks does.

--Warren Buffett

raging waves through shores

What the human being is best at doing is interpreting all new information so that their prior conclusions remain intact.

--Warren Buffett

landscape photo of mountain during nighttime

Gold has two significant shortcomings, being neither of much use nor procreative.

--Warren Buffett

leafless tree on snow covered ground

Lethargy, bordering on sloth should remain the cornerstone of an investment style.

--Warren Buffett




brown wooden dock under night sky

I've argued with the senators and congressmen I've talked to. You don't want to be too little too late. If you buy them at the right price, you may be buying two trillion of face value.

--Warren Buffett


brown rocky mountain under gray sky

Cultivate curiosity and strive to become a little wiser every day.

--Warren Buffett



low-angle photo of white daisy

I always knew I was going to be rich. I don't think I ever doubted it for a minute.

--Warren Buffett

stars across the sky view at the desert

In a difficult business, no sooner is one problem solved than another surfaces -- never is there just one cockroach in the kitchen.

--Warren Buffett


green leafed vegetable on brown wooden surface

Too often, executive compensation in the U.S. is ridiculously out of line with performance. That won't change, moreover, because the deck is stacked against investors when it comes to the CEO's pay.

--Warren Buffett

Longer Version:

Too often, executive compensation in the U.S. is ridiculously out of line with performance. That won't change, moreover, because the deck is stacked against investors when it comes to the CEO's pay. The upshot is that a mediocre-or-worse CEO -- aided by his handpicked VP of human relations and a consultant from the ever-accommodating firm of Ratchet, Ratchet and Bingo -- all too often receives gobs of money from an ill-designed compensation arrangement.


elephant on green grass field during daytime

I don't want to hold out false hopes that the -- by some magic moment, that things will turn around in a couple months because they wouldn't, Charlie. I mean, and it's a big mistake to try and mislead people.

--Warren Buffett


woman snorkeling

Leaving the question of price aside, the best business to own is one that over an extended period can employ large amounts of incremental capital at very high rates of return.

--Warren Buffett


rainbow

You do not adequately protect yourself by being half awake when other are sleeping.

--Warren Buffett

orange moon during nighttime

Do not take yearly results too seriously. Instead, focus on four or five-year averages.

--Warren Buffett

worm's eye view of trees during night time

It makes a difference who the treasury secretary is.

--Warren Buffett


shallow focus photo of white rose

Always invest for the long term.

--Warren Buffett

silhouette of trees during sunset

We believe that according the name 'investors' to institutions that trade actively is like calling someone who repeatedly engages in one-night stands a 'romantic.'

--Warren Buffett


photo of pine trees

Derivatives are like sex. It's not who we're sleeping with, it's who they're sleeping with that's the problem.

--Warren Buffett

man standing on sand while spreading arms beside calm body of water

Be brave when others are afraid, and afraid when others are brave.

--Warren Buffett

The Muppets Kermit plush toy on gray sofa

Investment ideas, like women are often more exciting than punctual.

--Warren Buffett

adult Cavalier King Charles Spaniel dog

Focus on return on equity, not earnings per share.

--Warren Buffett

blue sky

I would say that an RFC-like thing might make sense. I probably would do it myself. But I don't think trying to combine that with what's going through now, I think what is needed now is liquidity.

--Warren Buffett

person in blue denim jeans and brown leather boots

I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business.

--Warren Buffett

Longer Version:

I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.



brown mountains under blue sky

Honesty is a very expensive gift. Don't expect it from cheap people.

--Warren Buffett

brown tree on surrounded by brown grass during golden hour

The plan itself is opportunism. There is no plan before that.

--Warren Buffett

brown pine trees near mountain covered with fog

Value is what you get.

--Warren Buffett

blue, white, and pink petaled flowers on gray surface

It's not debt per say that overwhelms an individual corporation or country. Rather it is a continuous increase in debt in relation to income that causes trouble.

--Warren Buffett

wide lake over sunset view

In the insurance business, there is no statute of limitation on stupidity.

--Warren Buffett

Bryce Canyon National Park Sunrise Point at Utah

I tell college students, when you get to be my age you will be successful if the people who you hope to have love you, do love you.

--Warren Buffett

dome tent with galaxy with stars

Always associate yourself with people who are better than you.

--Warren Buffett

band performing on stage in front of people

I want to be able to explain my mistakes. This means I do only the things I completely understand.

--Warren Buffett

white and blue sky during daytime

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.

--Warren Buffett

sunset with rainbow

If you have a harem of 40 women, you never get to know any of them very well.

--Warren Buffett

None

I am not worried about the country. I'm just worried about anything that gums up the potential of the country. And right now, it's pretty gummed up.

--Warren Buffett

brown wooden surface

You can't help some increase from this point. I don't want any viewer to go away think a magic wand exists in Congress. So they're going to see some more bad news. But if we do this, we're doing the right thing.

--Warren Buffett



brown and white long coated small dog lying on green grass

A public-opinion poll is no substitute for thought.

--Warren Buffett

women's black and pink monokini

Life is like a snowball. The important thing is finding wet snow and a really long hill.

--Warren Buffett

selective photography of green leaf plant

I do more reading and thinking, and make less impulse decisions than most people in business.

--Warren Buffett

man running on seashore

Cash combined with courage in a time of crisis is priceless.

--Warren Buffett



golden retriever inside car

If book knowledge made great investors, than the librarians would all be rich.

--Warren Buffett



silhouette of off-road car

I think I could make you fifty percent a year on one million dollars. No, I know I could. I guarantee that.

--Warren Buffett

yellow Labrador puppy running on field

A bull market is like sex. It feels best just before it ends.

--Warren Buffett


green and black hummingbird

I'm not worried they're all about the investments we make. I mean, listen, this country -- we've got $46,000 or $47,000 of GDP per capita. Now, we've done pretty darn well. We'll do better in the future.

--Warren Buffett

woman carrying toddler on seashore

Beware of geeks bearing formulas.

--Warren Buffett

bonfire near mountain

Risk is a part of God's game, alike for men and nations.

--Warren Buffett

red roses on book

This economy doesn't work well without the lubrication of credit and trust.

--Warren Buffett

cluster of stars in the sky

Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing.

--Warren Buffett

bonfire in forest

Problems in a company are like cockroaches in the kitchen. You will never find just one.

--Warren Buffett


red wine digital wallpaper

Working with people who cause your stomach to churn seems much like marrying for money -- probably a bad idea under any circumstances, but absolute madness if you are already rich.

--Warren Buffett

purple and black skies

It is not necessary to do extraordinary things to get extraordinary results.

--Warren Buffett

purple petaled flower

We've got all the ingredients for a sensational future.

--Warren Buffett

road in the middle of grass covered field during day

Investing in a market where people believe in efficiency is like playing bridge with someone who has been told it doesn't do any good to look at the cards.

--Warren Buffett



aerial photography of beach

Let blockheads read what blockheads wrote.

--Warren Buffett

low angle photography of gray concrete building

I don't read economic forecasts. I don't read the funny papers.

--Warren Buffett


icy mountain scenery

You're looking for three things, generally, in a person -- Intelligence, energy, and integrity. And if they don't have the last one, don't even bother with the first two.

--Warren Buffett

person holding yellow petaled flower

Never ask a barber if you need a haircut.

--Warren Buffett



beach during daytime

So if you are evaluating others (or yourself!) in the investment field, think out some standards -- apply them -- interpret them.

--Warren Buffett

sunset woman at beach

Of our 49 billion, we haven't moved any to Bitcoin.

--Warren Buffett

woman in black tank top

We say we are trying to buy into businesses with excellent economics, run by honest and able people at a decent price. We buy very few securities, so we look at it as "focused" investing.

--Warren Buffett

photo of underwater

Forecasts usually tell us more of the forecaster than of the forecast.

--Warren Buffett

person holding dried beans

Does the business have favourable long term prospects?

--Warren Buffett


person standing on rock beside body of water between green trees

Investing is forgoing consumption now in order to have the ability to consume more at a later date.

--Warren Buffett

white pampas grasses near body of water at daytime

The three most important words in investing...Margin of Safety.

--Warren Buffett


white wall paint with white paint

They say the chains of habit are too light to be felt until they are too heavy to be broken. The chains you put around yourself now have enormous consequences as you go through life.

--Warren Buffett


white and blue ice in water

It's us fun being a horse when the tractor comes along, or the blacksmith when the car comes along.

--Warren Buffett

person standing on top of mountain

Never depend on single income. Make investments to create a second source.

--Warren Buffett

bokeh photography

Money to some extent sometimes let you be in more interesting environments. But it can't change how many people love you or how healthy you are.

--Warren Buffett

multicolored abstract painting

The most important thing to do if you find yourself in a hole is to stop digging.

--Warren Buffett


green ceramic mug beside book

The stock market is a no-called-strike game. You don't have to swing at everything -- you can wait for your pitch.

--Warren Buffett

man in cowboy hat sitting in bleachers

There's no use running if you're on the wrong road.

--Warren Buffett

gray and brown hummingbird perching on yellow petaled flower

Never invest in a business you can't understand.

--Warren Buffett

river in the middle of green and yellow mountains

You can't make a good deal with a bad person.

--Warren Buffett


tilt shift lens pink fetal flowers

Good big decisions do not take time at all, if they do you are in trouble.

--Warren Buffett



green plants with white background

I buy expensive suits. They just look cheap on me.

--Warren Buffett

adobe wall

I think what people understand there probably -- well, they were hoping the private sector would do it rescuing AIG.

--Warren Buffett

yellow and white abstract painting

Most business mistakes are irreversible setbacks, but you get another chance. There are two things in life that you don't get another chance at -- marrying the wrong person and what you do with your children.

--Warren Buffett

blue sky with white clouds

How do you beat Bobby Fischer? You play him at any game but chess. I try to stay in games where I have an edge.

--Warren Buffett


glass window pane with yellow concrete wall

An investor will succeed by coupling good business judgment with an ability to insulate his thoughts and behavior from the super-contagious emotions that swirl about the marketplace.

--Warren Buffett

time lapse photography of lightning during storm

We don't do unnecessary things at Berkshire. And there are many things at big companies that are unnecessary.

--Warren Buffett

yellow sunflower in glass vase

There seems to be some perverse human characteristic that likes to make easy things difficult.

--Warren Buffett


brown desert under sunny sky

Just imagine living on 21,000 a year. I mean you have 20 percent of the population doing that. So you don't have to worry about guys like me.

--Warren Buffett

bonfire near mountain

You don't ever ask a barber whether you need a haircut.

--Warren Buffett

man in black bubble hoodie looking at the stars

Investors should remember that excitement and expenses are their enemies.

--Warren Buffett

Longer Version:

Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy only when others are fearful.


Blue to purple gradient

When you combine ignorance and leverage, you get some pretty interesting results.

--Warren Buffett

landscape photo of mountains under starry sky at nighttime

What motivates most gold purchasers is their belief that the ranks of the fearful will grow ... As 'bandwagon' investors join any party, they create their own truth -- for a while.

--Warren Buffett

Longer Version:

What motivates most gold purchasers is their belief that the ranks of the fearful will grow. During the past decade that belief has proved correct. Beyond that, the rising price has on its own generated additional buying enthusiasm, attracting purchasers who see the rise as validating an investment thesis. As 'bandwagon' investors join any party, they create their own truth -- for a while.


black dragonfly perched on green grass in close up photography during daytime

Why not invest your assets in the companies you really like? As Mae West said, Too much of a good thing can be wonderful.

--Warren Buffett

brown rocky mountain under blue sky during daytime

A very rich person should leave his kids enough to do anything, but not enough to do nothing.

--Warren Buffett

pair of white lace-up shoes

A small chance of distress or disgrace cannot, in our view, be offset by a large chance of extra returns.

--Warren Buffett

cloudy sky

We don't get paid for being busy, we get paid for being right.

--Warren Buffett

Longer Version:

We don't get paid for activity, just for being right. As to how long we'll wait, we'll wait indefinitely.




Milky way in nature photography

Rule #1: Never lose money; Rule #2: Don't forget rule #1.

--Warren Buffett

white board beside pencil and tape

I am not a businessman, I am an artist.

--Warren Buffett

yellow sunflower in close up photography

Time is your friend, impulse is your enemy. Take advantage of compound interest and don't be captivated by the siren song of the market.

--Warren Buffett

toddlers standing outdoors

In our view, derivatives are financial weapons of mass destruction carrying dangers that, while latent, are potentially lethal.

--Warren Buffett

green and red flowers

Keep all your eggs in one basket, but watch that basket closely.

--Warren Buffett


Milky way in nature photography

Banking is very good business if you don't do anything dumb.

--Warren Buffett


brown and gray floral textile

I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.

--Warren Buffett

brown wooden board

I'll tell you why I like the cigarette business. It cost a penny to make. Sell it for a dollar. It's addictive. And there's a fantastic brand loyalty.

--Warren Buffett

brown leaf tree facing the lake

Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.

--Warren Buffett

seashore during daytime

Every day that goes by, I mean, if you don't react to Pearl Harbor for a week or two weeks or three weeks, you're behind in the war that you otherwise would have fought.

--Warren Buffett

silhouette of man standing on hill during starry night

I measure success by how many people love me. And the best way to be loved is to be lo veable.

--Warren Buffett


bare tress and mountain

Growth and value investing are joined at the hip.

--Warren Buffett

None

Our stay-put behavior reflects our view that the stock market serves as a relocation center at which money is moved from the active to the patient.

--Warren Buffett

brown and white butterfly on purple petaled flower

When bills come due, only cash is legal tender. Don't leave home without it.

--Warren Buffett

high-angle photography of beach side

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.

--Warren Buffett


seashore during daytime

We've seen what can be accomplished when we use 50% of our human capacity. If you visualize what 100% can do, you'll join me as an unbridled optimist about America's future.

--Warren Buffett

silhouette of a person during sunset

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.

--Warren Buffett

toddlers standing outdoors

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.

--Warren Buffett

bonfire at night

It is not greed that drives the world, but envy.

--Warren Buffett

time lapse photography body of water

You've gotta keep control of your time, and you can't unless you say no. You can't let people set your agenda in life.

--Warren Buffett


A view of the night showing stars

It takes 20 years to build a reputation and five minutes to ruin it.

--Warren Buffett

Longer Version:

It takes 20 years to build a reputation and five minutes to ruin it. If you think about that you'll do things differently.


red and yellow abstract painting

Don't invest in pieces of papers, invest in great businesses underlying them.

--Warren Buffett

brown and gray floral textile

When you're associating with the people that you love, doing what you love, it doesn't get any better than that.

--Warren Buffett


blue wall bricks

If options aren't a form of compensation, what are they? If compensation isn't an expense, what is it? And, if expenses shouldn't go into the calculation of earnings, where in the world should they go?

--Warren Buffett

None

Basically, when you get to my age, you'll really measure your success in life by how many of the people you want to have love you actually do love you.

--Warren Buffett

pink and white flower in close up photography

I could end the deficit in 5 minutes. You just pass a law that says that anytime there is a deficit of more than 3% of GDP all sitting members of congress are ineligible for reelection.

--Warren Buffett

calm body of water near alp mountains during nighttime

We've used derivatives for many, many years. I don't think derivatives are evil, per se, I think they are dangerous.

--Warren Buffett

green plants near body of water during daytime

You should look at stocks as small pieces of business.

--Warren Buffett

Arizona landscape rocks

For some reason people take their cues from price action rather than from values. Price is what you pay. Value is what you get.

--Warren Buffett

yellow and white painted wall

If you invested in a very low cost index fund -- where you don't put the money in at one time, but average in over 10 years -you'll do better than 90% of people who start investing at the same time.

--Warren Buffett


brown rocky mountain under blue sky during daytime

Never test the depth of river with both the feet.

--Warren Buffett


empty seashore near high-rise building

You don't need to have extraordinary effort to achieve extraordinary results. You just need to do the ordinary, everyday things exceptionally well.

--Warren Buffett

body of water

I do know that when I am 60, I should be attempting to achieve different personal goals than those which had priority at age 20.

--Warren Buffett

white stars in the sky during night time

The patient that's on the floor with the cardiac arrest is not Wall Street. It's the American economy.

--Warren Buffett

landscape photography of brown mountains

Long ago, Ben Graham taught me that "Price is what you pay; value is what you get." Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down.

--Warren Buffett

green ceramic mug beside book

Investing in yourself is the best thing you can do. If you've got talents, no one can take them from you.

--Warren Buffett

close up photo of tree

It's a big mistake to try and mislead people. They will turn around.

--Warren Buffett

bird's eye view photography of trees and body of water

To be successful, you should concentrate on the world of companies, not arcane accounting mathematics.

--Warren Buffett

panoramic photography of mountains

There is seldom just one cockroach in the kitchen. You know, you turn on the light and, all of sudden, they all start scurrying around.

--Warren Buffett

person on road at sunset

Failure comes from ego, greed, envy, fear, imitation. I have success not because I am smart, but because I am rational.

--Warren Buffett

purple flowers under sunny sky

I think it will get moving faster. I mean once you get it off the -- once credit flows -- now the recession is going to get worse.

--Warren Buffett

yellow flower field near bare trees during daytime

It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

--Warren Buffett

sunset

Investment students need only two well-taught courses -- How to Value a Business and How to Think About Market Prices.

--Warren Buffett

band performing on stage in front of people

The best investment you can make, is an investment in yourself... The more you learn, the more you'll earn.

--Warren Buffett



golden retriever inside car

Buy into a company because you want to own it, not because you want the stock to go up.

--Warren Buffett

pink petaled flowers under trees at daytime

Investing requires qualities of temperament way more than it requires qualities of intellect.

--Warren Buffett

None

John Maynard Keynes essentially said, don't try and figure out what the market is doing. Figure out a business you understand, and concentrate.

--Warren Buffett

white rock formation on sea during daytime

I have no idea on timing. It's easier to tell what will happen than when it will happen. I would say that what is going on in terms of trade policy is going to have very important consequences.

--Warren Buffett


red and white led lighted heart decor

A diamond cannot be polished without friction, nor a person perfected without trials. Someone is enjoying shade today because someone planted a tree a long time ago.

--Warren Buffett

close-up photography of heart shaped fairy lite on brown sand

Ultimately, there's one investment that supersedes all others: Invest in yourself.

--Warren Buffett

sunset

If you can eliminate the government as a 39.6% partner, then you will be much better off.

--Warren Buffett


rock formation above water

When investing, pessimism is your friend, euphoria the enemy.

--Warren Buffett


silhouette photo of person holding flashlight under milk way

In the business world, the rear-view mirror is always clearer than the windshield.

--Warren Buffett

blue flower in close up photography

Bad terminology is the enemy of good thinking.

--Warren Buffett

forest and body of water

My wealth has come from a combination of living in America, some lucky genes, and compound interest.

--Warren Buffett


green leaf

The 19th century belonged to England, the 20th century belonged to the U.S., and the 21st century belongs to China. Invest accordingly.

--Warren Buffett


galaxy

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 ever paid in my life.

--Warren Buffett

blue sky

The single most important decision in evaluating a business is pricing power.

--Warren Buffett


The Muppets Kermit plush toy on gray sofa

Emotional makeup is more important than technical skill.

--Warren Buffett

blue and white water surface

In looking for people to hire, look for three qualities: integrity, intelligence and energy. And if they don't have the first, the other two will kill you.

--Warren Buffett


coconut tree near body of water

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.

--Warren Buffett

woman in black shirt walking on sidewalk near brown concrete wall partition

The latter qualification brings to mind a fellow who applied for a job and stated he had twenty years of experience-which was corrected by a former employer to read "one year's experience-twenty times.

--Warren Buffett

landscape photography of horizon

An ounce of prevention is worth a pound of cure understated.

--Warren Buffett


mountains covered with fog

In the world of business, the people who are most successful are those who are doing what they love.

--Warren Buffett

white wall paint beside white wall

If you expect to continue to purchase stocks throughout your life, you should welcome price declines as a way to add stocks more cheaply to your portfolio.

--Warren Buffett


blue sky and white clouds

I mean, you may be very mad at some guy that walked away with a huge golden parachute, but that really isn't the important thing.

--Warren Buffett

forest trees

The investor of today does not profit from yesterday's growth.

--Warren Buffett

silhouette of tall trees

It's important to have the right monetary policy. It's important for, to have the right fiscal policy. But it's nowhere near as important as just the normal regenerative capacity of American capitalism.

--Warren Buffett

yellow pen

In an inflationary world, a toll bridge (like company) would be a great thing to own because you've laid out the capital costs. You built it in old dollars and you don't have to keep replacing it.

--Warren Buffett

pink cherry blossom tree under blue sky during daytime

The smarter the journalists are, the better off society is. For to a degree, people read the press to inform themselves -- and the better the teacher, the better the student body.

--Warren Buffett

brown grass field near gray rocky mountain during daytime

Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.

--Warren Buffett

person standing on rock formation during daytime

If I subscribed to the efficient market theory I would still be delivering papers.

--Warren Buffett


blue and white striped textile

Unfortunately, the hangover may prove to be proportional to the binge.

--Warren Buffett


silhouette of flying bird

I have this complicated procedure I go through every morning, which is to look in the mirror and decide what I'm going to do. And I feel at that point, everybody's had their say.

--Warren Buffett

white flowers

A newspaper that reduces its coverage of the news important to its community is certain to reduce its readership as well.

--Warren Buffett

lake beside green pine trees

Taking jobs to build up your resume is the same as saving up sex for old age.

--Warren Buffett


sunset

You won't know whether you paid too much for it until it is too late.

--Warren Buffett


purple and green light digital wallpaper

The capital gains tax is 15 percent now. 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.

--Warren Buffett


black mountain under blue sky during night time

Surprise and delight your customers. There is nothing like that in business. If you delight your customers, you're a long way home.

--Warren Buffett

landscape photography of brown mountains

I am not in the business of predicting general stock market of business fluctuations. If you think I can do this, or think it is essential to an investment program, you should not be in the partnership.

--Warren Buffett

Arizona landscape

Making money isn't the backbone of our guiding purpose; it is the by-product of our guiding purpose.

--Warren Buffett

Longer Version:

Making money isn't the backbone of our guiding purpose; making money is the by-product of our guiding purpose. If you're doing something you love, you're more likely to put your all into it, and that generally equates to making money.


green plant in tilt shift lens

I get to do what I like to do every single day of the year.

--Warren Buffett

flame illustration

Predicting rain doesn't count. Building arks does.

--Warren Buffett

Arizona landscape rain

Resolution Trust Company was set up to liquidate a bunch of assets that the government had inherited because the savings and loans went broke.

--Warren Buffett

woman in black shirt walking on sidewalk near brown concrete wall partition

Goldman Sachs saying they might be interested in such an investment. I'm familiar with the company. I've known the management, the current management, Jack Welch before Jeff Immelt. I've known him for decades.

--Warren Buffett




person in blue denim jeans and brown leather boots

Outstanding long-term results are produced primarily by avoiding dumb decisions, rather than by making brilliant ones.

--Warren Buffett

white wooden dock on white sand

The less prudence with which others conduct their affairs, the greater the prudence with which we should conduct our own affairs.

--Warren Buffett


landscape photo of waters, mountains, and black clouds

The difference between successful people and really successful people is that really successful people say no to almost everything.

--Warren Buffett

brown sands

Investment decision should be made on the basis of the most probable compounding of after-tax net worth with minimum risk.

--Warren Buffett

silhouette of off-road car

Wall Street is the only place that people drive to in a Rolls Royce to take advice from people who ride the subway.

--Warren Buffett

A white stripe pattern made up of concrete facade ribs

Having first rate people on the team is more important than designing hierarchies and clarifying who reports to whom.

--Warren Buffett

red moon wallpaper

We need a tax system that essentially takes very good care of the people who just really aren't as well adapted to the market system but are nevertheless doing useful things in the society.

--Warren Buffett



photo of brown parquet

Asking for financial advice from a financial planner is like asking a barber if you need a hair cut.

--Warren Buffett

person with flashlight near lighted green tree on mountain under starry night

Uncertainty is the friend of the buyer of long term values.

--Warren Buffett

time lapse photography of lightning during storm

We always live in an uncertain world. What is certain is that the United States will go forward over time.

--Warren Buffett

green trees under blue sky at daytime

In business, I look for economic castles protected by unreachable moats.

--Warren Buffett

green and white abstract painting

Be fearful when others are greedy and greedy when others are fearful.

--Warren Buffett

mountain dew during sunrise

The ability to say no is a tremendous advantage for an investor.

--Warren Buffett


landscape photo of waters, mountains, and black clouds

I sent one e-mail in my life. I sent it to Jeff Raikes at Microsoft, and it ended up in court in Minneapolis, so I am one for one.

--Warren Buffett

panoramic photography of mountains

The best thing that happens to us is when a great company gets into temporary trouble...We want to buy them when they're on the operating table.

--Warren Buffett

photo of clear sky full of stars

Time is the friend of the wonderful company, the enemy of the mediocre.

--Warren Buffett



None

I will give you two pieces of advice. Invest as much in yourself as you can; you are your own best asset by far. Then follow your passion; you want to be really excited to get out of bed every morning.

--Warren Buffett

man in green shirt and blue knit cap sitting on floor

Government can't deliver a free lunch to the country as a whole. It can, however, determine who pays for lunch. And last week the Senate handed the bill to the wrong party... the poor and middle class.

--Warren Buffett

green trees on forest during daytime

Investing is simple, but not easy.

--Warren Buffett

person wearing red jacket climbing on glacier

I think the FDIC was one of the great inventions of the American.

--Warren Buffett


None

You have no ability, if you're a financial institution and you're threatened with criminal prosecution, you have no ability to negotiate.

--Warren Buffett


toddlers standing outdoors

Managers and investors alike must understand that accounting numbers are the beginning, not the end, of business valuation.

--Warren Buffett

silhouette of mountains under blue sky during daytime

A Company should be viewed as an unfolding movie, not as a still photograph.

--Warren Buffett



purple and black skies

Knowing what to leave out is just as important as knowing what to focus on.

--Warren Buffett

Arizona landscape

The happiest people do not necessarily have the best things.
They simply apreciate the things they have.

--Warren Buffett

raindrops on clear window

Risk comes from not knowing what you are doing.

--Warren Buffett

white flowers

When people tell me they've learned from experience, I tell them the trick is to learn from other people's experience.

--Warren Buffett

green ceramic mug on wooden desk

Buy companies with strong histories of profitability and with a dominant business franchise.

--Warren Buffett

worm's eye view photography of pink cheery blossom tree

Good profits simply are not inconsistent with good behavior.

--Warren Buffett


black textile in close up photography

OUR leaders have asked for "shared sacrifice." But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.

--Warren Buffett

black and blue starry night

I would say that life at 84, I am having as much fun as I've ever had in my life. I mean I get to do what I love every day with the people I love-and it just doesn't get any better than that.

--Warren Buffett


black and white abstract illustration

I checked the actuarial tables, and the lowest death rate is among six-year-olds. So I decided to eat like a six-year-old.

--Warren Buffett


time lapse photography of fire

I learned to go into business only with people whom I like, trust, and admire.

--Warren Buffett

cat with flower

Derivatives are financial weapons of mass destruction.

--Warren Buffett

sunset with rainbow

I don't think you can have a better secretary of the Treasury than Hank Paulson.

--Warren Buffett


man in black bubble hoodie looking at the stars

The only time to buy these is on a day with no 'y' in it.

--Warren Buffett

person standing on rock formation during daytime

Invest in as much of yourself as you can, you are your own biggest asset by far.

--Warren Buffett

blue and white striped textile

If you're in the luckiest one per cent of humanity, you owe it to the rest of humanity to think about the other 99 per cent.

--Warren Buffett


brown trees under blue sky during daytime

The key to success is emotional stability.

--Warren Buffett

photography of yellow petaled flowers field

No matter how great the talent or efforts, some things just take time.

--Warren Buffett

woman in black shirt walking on sidewalk near brown concrete wall partition

The .350 hitter expects, and also deserves, a big payoff for his performance -- even if he plays for a cellar-dwelling team. And a .150 hitter should get no reward -- even if he plays for a pennant winner.

--Warren Buffett







white and pink plastic bottles

You pay a very high price in the stock market for a cheery consensus.

--Warren Buffett

Texas buildings

There are three kinds of people: 1. Innovators. 2. Imitators. 3. Idiots.

--Warren Buffett


body of water under clear blue sky painting

I mean Franklin Delano Roosevelt didn't -- you know, when he came in, he didn't print any money.

--Warren Buffett

person in black shoes standing on gray concrete floor

Although we deal with probabilities and expectations, the actual results can deviate substantially from such expectations, particularly on a short-term basis.

--Warren Buffett


gray concrete painted wall

We do not have, nor have had, and never will have an opinion about where the stock market, interest rates, or business activity will be a year from now.

--Warren Buffett



green grass field

In a chronically leaking boat, energy devoted to changing vessels is more productive than energy devoted to patching leaks.

--Warren Buffett

icy mountain scenery

Like most trends, at the beginning it's driven by fundamentals, at some point speculation takes over. What the wise man does in the beginning, the fool does in the end.

--Warren Buffett


white and blue sky during daytime

We have usually made our best purchases when apprehensions about some macro event were at a peak. Fear is the foe of the faddist, but the friend of the fundamentalist.

--Warren Buffett

blue and white abstract painting

You could be somewhere where the mail was delayed three weeks and do just fine investing.

--Warren Buffett


white brick wall

We're perfectly willing to trade away a big payoff for a certain payoff.

--Warren Buffett

mountains under white mist at daytime

The most important quality for an investor is temperament, not intellect.

--Warren Buffett

Longer Version:

The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.



None

We do not view the company itself as the ultimate owner of our business assets but instead view the company as a conduit through which our shareholders own assets.

--Warren Buffett

man and woman in cowboy hat

Do not put all your eggs in one basket.

--Warren Buffett




body of water

The best jockey in the world is never going to win races riding a lame horse. But even a mediocre jockey can win races riding a champion.

--Warren Buffett

purple petaled flower

If you don't make mistakes you can't make decisions.

--Warren Buffett

snow covered mountain during daytime

If I taught a class, on my final exam I would take an Internet company and ask, 'How much is this company worth?' Anyone who would answer, I would flunk.

--Warren Buffett

green pine trees near mountain under blue sky during daytime

We just keep swimming and let the tide take care of itself.

--Warren Buffett


black Corona typewriter on brown wood planks

The critical investment factor is determining the intrinsic value of a business and paying a fair or bargain price.

--Warren Buffett

black textile on white background

You will be right, over the course of many transactions, if your hypotheses are correct, your facts are correct, and your reasoning is correct. True conservatism is only possible through knowledge and reason.

--Warren Buffett


silhouette of person standing beside bare tree under stary sky

I view derivatives as time bombs, both for the parties that deal in them and the economic system.

--Warren Buffett

sunset

When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.

--Warren Buffett

None

I do not believe in inheriting your position in society based on which womb you come from... I think a rich person should leave his children enough so they can do anything, but not enough so they can do nothing.

--Warren Buffett

None

A low-cost index fund is the most sensible equity investment for the great majority of investors. My mentor, Ben Graham, took this position many years ago, and everything I have seen since convinces me of its truth.

--Warren Buffett

None

I look for businesses in which I think I can predict what they're going to look like in ten to fifteen years time. Take Wrigley's chewing gum. I don't think the internet is going to change how people chew gum.

--Warren Buffett

galaxy

The nature of democracy is such that when there's -- there'll be revulsion, obviously, towards -- that's never going to happen again.

--Warren Buffett

woman standing on cliff

Someone is sitting in the shade today because someone planted a tree a long time ago.

--Warren Buffett

white wall tiles

I have an 800 freephone number now that I call if I get the urge to buy an airline stock. I call at two in the morning and I say: "My name is Warren and I'm an aeroholic." And then they talk me down.

--Warren Buffett

forest and body of water

He must never forget Charlie's plea: Tell me where I'm going to die, so I'll never go there.

--Warren Buffett

None

Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can't buy what is popular and do well.

--Warren Buffett



man in black and white striped shirt sitting on brown rock during daytime

Calculate "owner earnings" to get a true reflection of value.

--Warren Buffett

silhouette photo of mountain during night time

By periodically investing in an index fund, the know-nothing investors can actually outperform most investment professionals.

--Warren Buffett



rock formation under starry skies

Knowing the edge of your competency is important. If you think you know more than you do, you will get in trouble.

--Warren Buffett


yellow and white painted wall

I've made money over the years by buying into good companies, run by good people, at attractive prices. And I don't try and make it out of buying into the market at one point and selling at another point.

--Warren Buffett

Blue to purple gradient

I made my first investment at age eleven. I was wasting my life up until then.

--Warren Buffett

river in the middle of green and yellow mountains

If I eat 2,700 calories a day, a quarter of that is Coca-Cola.

--Warren Buffett

iceberg near mountain during day

You never know who's swimming naked until the tide goes out.

--Warren Buffett


empty seashore near high-rise building

Great investment opportunities come around when excellent companies are surrounded by unusual circumstances that cause the stock to be misappraised.

--Warren Buffett

brown and gray brick wall

I don't have my diploma from the University of Nebraska hanging on my office wall, and I don't have my diploma from Columbia up there either-but I do have my Dale Carnegie graduation certificate proudly displayed.

--Warren Buffett

brown wooden board

With each investment you make, you should have the courage and the conviction to place at least ten per cent of your net worth in that stock.

--Warren Buffett


green leaf

If you get to my age in life and nobody thinks well of you, I don't care how big your bank account is, your life is a disaster.

--Warren Buffett

starry night over butte

Nothing sedates rationality like large doses of effortless money.

--Warren Buffett


black pug puppy on white and pink textile

Cash combined with courage in a time of crisis is priceless.

--Warren Buffett


yellow green leaf

You are lucky in life if you have the right heroes. I advise all of you, to the extent you can, to pick out a few heroes.

--Warren Buffett

sunset with storm clouds

If we start deciding, based on guesses or emotions, whether we will or won't participate in a business where we should have some long run edge, we're in trouble.

--Warren Buffett

red roses on book

As far as you are concerned, the stock market does not exist. Ignore it.

--Warren Buffett

forest near mountain alps

The secret to happiness is having low expectations.

--Warren Buffett

pink and white tulips on white surface

Do not save what is left after spending; instead spend what is left after saving.

--Warren Buffett

calm body of water near alp mountains during nighttime

Managers who want to expand their domain at the expense of owners might better consider a career in government.

--Warren Buffett

three books on surface

I think any time you couple the term "Wall Street" with "bailout" or something like that, you know -- I don't like what's going on in Wall Street.

--Warren Buffett

mountains covered with fog

Take the job you would take if you were independently wealthy. You're going to do well at it.

--Warren Buffett


purple and white light illustration

I mean, if Pearl Harbor came along, you could have said the planning was wrong by the military ahead of time or maybe the battleships shouldn't have all been in the harbor and all that kind of thing.

--Warren Buffett

blue and black butterfly on pink and yellow flower

Fear is the foe of the faddist, but the friend of the fundamentalist.

--Warren Buffett


water on seashore

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.

--Warren Buffett


blue and white striped textile

The U.S. Treasury has got borrowing costs like nobody else has.

--Warren Buffett

None

In one way, I'm sympathetic to the institutional reluctance to face the music. I'd give a lot to mark my weight to 'model' rather than to 'market.'

--Warren Buffett

green tree under blue sky during night time

If a business does well, the stock eventually follows.

--Warren Buffett

None

The true investor welcomes volatility ... a wildly fluctuating market means that irrationally low prices will periodically be attached to solid businesses.

--Warren Buffett

four orange, green, blue, and red paint rollers

Turnarounds seldom turn.

--Warren Buffett


aerial view of gray building on brown sand

The advice "you never go broke taking a profit" is foolish.

--Warren Buffett


grayscale photo of rock formation

Someone's sitting in the shade today because someone planted a tree a long time ago.

--Warren Buffett

Longer Version:

Someone's sitting in the shade today because someone planted a tree a long time ago. The person sitting in the shade now should be grateful for the person who planted and tended that tree. That includes all those benefactors of humanity throughout history that created, invented, financed, produced, maintained and improved all that we enjoy today.


cluster of stars in the sky

Games are won by players who focus on the playing field -- not by those whose eyes are glued to the scoreboard.

--Warren Buffett


yellow sunflower in bloom during daytime

Sound investing can make you very wealthy if you're not in too big a hurry.

--Warren Buffett


Arizona landscape pines

The stock market is a wonderfully efficient mechanism for transferring wealth from the impatient to the patient.

--Warren Buffett

None

Cash never makes us happy, but it's better to have the money burning a hole in Berkshire's pocket than resting comfortably in someone else's.

--Warren Buffett

silhouette of mountain under blue sky during daytime

People went crazy with tulip bulbs. They went crazy with the South Sea Bubble, they went crazy internet stocks, they went crazy with the uranium stocks back when I was first getting started.

--Warren Buffett

brown mountain at nighttime

Diversification may preserve wealth, but concentration builds wealth.

--Warren Buffett

man wearing black jacket standing on street

Occasionally, a man must rise above principles.

--Warren Buffett

rock formation in body of water

Failing conventionally is the route to go; as a group, lemmings may have a rotten image, but no individual lemming has ever received bad press.

--Warren Buffett

boy and cat in front of moon

Be Fearful When Others Are Greedy and Greedy When Others Are Fearful.

--Warren Buffett


pink and white tulips on white surface

When forced to choose, I will not trade even a night's sleep for the chance of extra profits.

--Warren Buffett


pink and white abstract painting

The market system rewards me outlandishly for what I do, but that doesn't mean I'm any more deserving of a good life than a teacher or a doctor or someone who fights in Afghanistan.

--Warren Buffett



brown sand under blue sky during daytime

If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy.

--Warren Buffett

We wish you a perfect day!