We need to throw the resources at this that are necessary. But like I say, we are not spending money. I mean, if we buy these assets intelligently, the United States Treasury will make money. I mean, it's borrowing money. It's just a few percent a year.
Warren BuffettInvestment students need only two well-taught courses - How to Value a Business and How to Think About Market Prices
Warren BuffettThe rich are always going to say that, you know, just give us more money and we'll go out and spend more and then it will all trickle down to the rest of you. But that has not worked the last 10 years, and I hope the American public is catching on.
Warren Buffett[People] have seen the credit market seize up. They're worried about money market funds, although the latest proposition from government should take care of that. They've seen eight percent of the bank deposits in the United States get moved very skillfully, I might say, within the last couple of weeks from institutions that they thought were fine a few months ago to other institutions. They are not wrong to be worried.
Warren BuffettWe rarely use much debt and, when we do, we attempt to structure it on a long-term fixed rate basis. We will reject interesting opportunities rather than over-leverage our balance sheet. This conservatism has penalized our results but it is the only behavior that leaves us comfortable, considering our fiduciary obligations to policyholders, depositors, lenders and the many equity holders who have committed unusually large portions of their net worth to our care.
Warren BuffettDo not take yearly results too seriously. Instead, focus on four or five-year averages.
Warren BuffettDon't pass up something that's attractive today because you think you will find something way more attractive tomorrow.
Warren BuffettThe important thing is to keep playing, to play against weak opponents and to play for big stakes.
Warren BuffettWe all make mistakes. If you can't make mistakes, you can't make decisions. I've made a lot bigger mistakes myself.
Warren BuffettI prefer liquor store robbers with hungry kids to companies that locate offshore to avoid U.S. taxes.
Warren BuffettAll there is to investing is picking good stocks at good times and staying with them as long as they remain good companies.
Warren BuffettI 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 BuffettA contrarian approach is just as foolish as a follow-the-crowd strategy. What's required is thinking rather than polling.
Warren BuffettYou could be somewhere where the mail was delayed three weeks and do just fine investing.
Warren BuffettThe time to buy stocks is consistently over time. You should never buy your investments with the idea, 'I have to get a certain return.' You should look at the best return possible and learn to live with that. But you should not try to make your investments earn what you feel you need. It doesn't work that way. The stock doesn't know you own it.
Warren BuffettYou really don't need leverage in this world much. If you're smart, you're going to make a lot of money without borrowing. I've never borrowed a significant amount of money in my life. Never. Never will. I've got no interest in it.
Warren BuffettAnything can happen in stock markets and you ought to conduct your affairs so that if the most extraordinary events happen, that you're still around to play the next day.
Warren BuffettIt'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.
Warren BuffettIn 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 BuffettBen's Mr. Market allegory may seem out-of-date in today's investment world, in which most professionals and academicians talk of efficient markets, dynamic hedging and betas. Their interest in such matters is understandable, since techniques shrouded in mystery clearly have value to the purveyor of investment advice. After all, what witch doctor has ever achieved fame and fortune by simply advising 'Take two aspirins'?
Warren BuffettI don't try and guess when to get in and out of the market. I have owned stocks consistently since 1942. I owned the - I was buying stocks the day before the election. I was buying the same stocks the day after election. And if Hillary had been elected, it would have been the same thing.
Warren BuffettIf you gave me $100 billion and said take away the soft drink leadership of Coca-Cola in the world, I'd give it back to you and say it can't be done.
Warren BuffettI 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 BuffettNever 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 BuffettMy wealth has come from a combination of living in America, some lucky genes, and compound interest.
Warren BuffettThere’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.
Warren BuffettMarket prices for stocks fluctuate at great amplitudes around intrinsic value but, over the long term, intrinsic value is virtually always reflected at some point in market price.
Warren BuffettWhen you're associating with the people that you love, doing what you love, it doesn't get any better than that.
Warren Buffett