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Warren Buffett: 292 quotes24 likes

“You're doing calculations all the time.”

On the game of bridge, as quoted in Forbes (2 June 1997); also quoted in The Warren Buffett Portfolio: Mastering the Power of the Focus Investment Strategy (2000), p. 112
Context: It’s a game of a million inferences. There are a lot of things to draw inferences from — cards played and not played. These inferences tell you something about the probabilities. It's got to be the best intellectual exercise out there. You're seeing through new situations every ten minutes. Bridge is about weighing gain/loss ratios. You're doing calculations all the time.

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

“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.”

2008 Chairman's Letter http://www.berkshirehathaway.com/letters/2008ltr.pdf <br class="br">Letters to Shareholders (1957 - 2012) <br class="br">Variant: Price is what you pay. Value is what you get.

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

Statement of January 1991, as quoted in Of Permanent Value: The Story of Warren Buffett (2007) by Andrew Kilpatrick

“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”

Interview with Charlie Rose, on PBS (1 October 2008), also reported in "Warren Buffett: I Haven't Seen As Much Economic Fear In My Adult Lifetime - Charlie Rose Interview" at CNBC (1 October 2008) http://www.cnbc.com/id/26982338 <br class="br">Context: You want to be greedy when others are fearful. You want to be fearful when others are greedy. It's that simple. … They're pretty fearful. In fact, in my adult lifetime, I don't think I've ever seen people as fearful economically as they are right now.

“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.”

“Risk comes from not knowing what you’re doing.”

http://www.forbes.com/sites/jamesberman/2014/04/20/the-three-essential-warren-buffett-quotes-to-live-by/ "The Three Essential Warren Buffett Quotes To Live By" forbes.com (20 April 2014)
Quotes from the press
Variant: Risk comes from not knowing what you’re doing.

“No matter how great the talent or efforts, some things just take time. You can't produce a baby in one month by getting nine women pregnant.”

“There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.”

“Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1.”

This maxim (perhaps of gambling or horse racing origin) is widely attributed to Warren Buffett and, as such, has traditionally been cited in print; notably, it was attributed (perhaps facetiously) to him by Mary Buffett in, The Tao of Warren Buffett. A more uncommon, less well known version, and perhaps one with a more lasting credibility (or certainly with a higher degree of checkability), would be: "The first rule is don't lose, and the second rule is never forget the first rule." This version was noted by Steve Forbes in a friendly meeting in Omaha, in an article published as: Jay-Z, Buffett and Forbes on Success and Giving Back. This article is available on the Forbes website, published on September 23, 2010.
Disputed
Variant: Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1.

“It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction.”

“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.”

“You can't produce a baby in one month by getting nine women pregnant.”

“You only have to do a very few things right in your life so long as you don't do too many things wrong.”

“After all, you only find out who is swimming naked when the tide goes out.”

2001 Chairman's Letter http://www.berkshirehathaway.com/2001ar/2001letter.html <br class="br">Letters to Shareholders (1957 - 2012)

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

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

“I will tell you the secret to getting rich on Wall Street. You try to be greedy when others are fearful. And you try to be fearful when others are greedy.”

“It's nice to have a lot of money, but you know, you don't want to keep it around forever. I prefer buying things. Otherwise, it's a little like saving sex for your old age.”

“I could end the deficit in five minutes. You just pass a law that says that any time there's a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for re-election.”

Interview on CNBC http://www.cnbc.com/id/43670783 (1 July 2011)