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In fact, when we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.
Warren Buffett
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If I was running $1 million today, or $10 million for that matter, I'd be fully invested. Anyone who says that size does not hurt investment performance is selling. The highest rates of return I've ever achieved were in the 1950s. I killed the Dow. You ought to see the numbers. But I was investing peanuts then. It's a huge structural advantage not to have a lot of money. I think I could make you 50% a year on $1 million. No, I know I could. I guarantee that.
Warren Buffett
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We intend to continue our practice of working only with people whom we like and admire. This policy not only maximizes our chances for good results, it also ensures us an extraordinarily good time.
Warren Buffett
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It's only when the tide goes out that you learn who's been swimming naked.
Warren Buffett
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We've long felt that the only value of stock forecasters is to make fortune tellers look good. Even now, Charlie and I continue to believe that short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children.
Warren Buffett
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I learned to go into business only with people whom I like, trust, and admire.
Warren Buffett
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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
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The greater the potential for reward in the value portfolio, the less risk there is.
Warren Buffett
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Getting fired can produce a particularly bountiful payday for a CEO. Indeed, he can 'earn' more in that single day, while cleaning out his desk, than an American worker earns in a lifetime of cleaning toilets. Forget the old maxim about nothing succeeding like success: Today, in the executive suite, the all-too-prevalent rule is that nothing succeeds like failure.
Warren Buffett
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In business, I look for economic castles protected by unbreachable 'moats'.
Warren Buffett
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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.
Warren Buffett
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We can afford to lose money - even a lot of money. But we can't afford to lose reputation - even a shred of reputation.
Warren Buffett
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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
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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
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Managers that always promise to 'make the numbers' will at some point be tempted to make up the numbers.
Warren Buffett
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The best asset is your own self. You can become to an enormous degree the person you want to be
Warren Buffett
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The range of derivatives contracts is limited only by the imagination of man (or sometimes, so it seems, madmen). Say you want to write a contract speculating on the number of twins to be born in Nebraska in 2020. No problem-at a price, you will easily find an obliging counterparty.
Warren Buffett
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In the end we must have people to match our principles, not the reverse.
Warren Buffett
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It's a good idea to review past mistakes before committing new ones.
Warren Buffett
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Our performance, relatively, is likely to be better in a bear market than in a bull market … in a year when the general market had a substantial advance, I would be well satisfied to match the advance of the averages.
Warren Buffett
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It's simply to say that managers and investors alike must understand that accounting numbers is the beginning, not the end, of business valuation.
Warren Buffett
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For example: (1) As if governed by Newton's First Law of Motion, an institution will resist any change in its current direction; (2) Just as work expands to fill available time, corporate projects or acquisitions will materialize to soak up available funds; (3) Any business craving of the leader, however foolish, will be quickly supported by detailed rate-of-return and strategic studies prepared by his troops; and (4) The behavior of peer companies, whether they are expanding, acquiring, setting executive compensation or whatever, will be mindlessly imitated.
Warren Buffett
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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 (bearing in mind that there are really only three kinds of people in the world: those who can count and those who can't).
Warren Buffett
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A great investment opportunity occurs when a marvelous business encounters a one-time huge, but solvable problem.
Warren Buffett
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Charlie and I decided long ago that in an investment lifetime, it's too hard to make hundreds of smart decisions. That judgment became ever more compelling as Berkshire's capital mushroomed and the universe of investments that could significantly affect our results shrank dramatically. Therefore, we adopted a strategy that required our being smart and not too smart at that, only a very few times. Indeed, we now settle for one good idea a year.
Warren Buffett
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We owe something to extravagance, for thrift and adventure seldom go hand in hand.
Lady Randolph Churchill
Warren Buffett
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Born:
August 30, 1930
(age 93)
Bio:
Warren Edward Buffett is an American business magnate, investor and philanthropist. He is the most successful investor in the world.
Known for:
Thoughts of Chairman Buffett (1998)
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