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Warren Buffett: 292 quotes24 likes

“be greedy when others are fearful, and fearful when others are greedy.”

“An investor should act as though he had a lifetime decision card with just twenty punches on it.”

“I am not a businessman, I am an artist”

“We're more comfortable in that kind of business. It means we miss a lot of very big winners. But we wouldn't know how to pick them out anyway. It also means we have very few big losers - and that's quite helpful over time. We're perfectly willing to trade away a big payoff for a certain payoff.”

Warren Buffett

1999 Berkshire Hathaway Annual Meeting, as quoted in "Why Won't Buffett Invest in Tech Stocks?" at Motley Fool (6 March 2000) http://www.fool.com/boringport/2000/boringport000306.htm

“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

1982 Chairman's Letter http://www.berkshirehathaway.com/letters/1982.html Letters to Shareholders (1957 - 2012)

“Confidence comes back one at a time, but fear, is instantaneous.
With an interview with Tae Kim, CNBC, 12 Sept 2018”

Warren Buffett

Other

“Upon leaving [the derivatives business], our feelings about the business mirrored a line in a country song: "I liked you better before I got to know you so well."”

Warren Buffett

2008 Chairman's Letter
Letters to Shareholders (1957 - 2012)

“I eat like a normal 6-year-old, but if you look at the mortality statistics, I mean, 6-year-olds don’t die very often.”

Warren Buffett

"Part 2 — Billionaire Warren Buffett says GOP health reform bills are relief for the rich" http://www.pbs.org/newshour/bb/part-2-billionaire-warren-buffett-says-gop-health-reform-bills-relief-rich/ PBS Newshour (27 June 2017) Other

“Those who attended [the annual meeting] last year saw your Chairman pitch to Ernie Banks. This encounter proved to be the titanic duel that the sports world had long awaited. After the first few pitches — which were not my best, but when have I ever thrown my best? — I fired a brushback at Ernie just to let him know who was in command. Ernie charged the mound, and I charged the plate. But a clash was avoided because we became exhausted before reaching each other.”

Warren Buffett

1999 Chairman's Letter http://www.berkshirehathaway.com/letters/final1999pdf.pdf Letters to Shareholders (1957 - 2012)

“Capitalism is all about somebody coming and trying to take the castle. Now what you need is …. you need a castle that has some durable competitive advantage — some castle that has a moat around it.”

Warren Buffett

Rules for success

“But a pin lies in wait for every bubble. And when the two eventually meet, a new wave of investors learns some very old lessons: First, many in Wall Street — a community in which quality control is not prized — will sell investors anything they will buy. Second, speculation is most dangerous when it looks easiest.”

Warren Buffett

2000 Chairman's Letter
Letters to Shareholders (1957 - 2012)

“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

1991 Chairman's Letter http://www.berkshirehathaway.com/letters/1991.html Letters to Shareholders (1957 - 2012)

“The most common cause of low prices is pessimism — some times pervasive, some times specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It's optimism that is the enemy of the rational buyer.”

Warren Buffett

1990 Chairman's Letter http://www.berkshirehathaway.com/letters/1990.html Letters to Shareholders (1957 - 2012)

“You couldn't advance in a finance department in this country unless you taught that the world was flat.”

Warren Buffett

As quoted in "The Heresy That Made Them Rich" by Joseph Nocera, in The New York Times (29 October 2005) http://query.nytimes.com/gst/fullpage.html?res=9B00E1D71E3FF93AA15753C1A9639C8B63

“Most companies are saddled with institutional constraints. A company's history, for example, may commit it to an industry that now offers limited opportunity. A more common problem is a shareholder constituency that pressures its manager to dance to Wall Street's tune. Many CEOs resist, but others give in and adopt operating and capital-allocation policies far different from those they would choose if left to themselves.”

Warren Buffett

2003 Chairman's Letter http://www.berkshirehathaway.com/letters/2003ltr.pdf Letters to Shareholders (1957 - 2012)

“Ben'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 Buffett

1987 Chairman's Letter http://www.berkshirehathaway.com/letters/1987.html Letters to Shareholders (1957 - 2012)

“Instead, we try to apply Aesop's 2,600-year-old equation to opportunities in which we have reasonable confidence as to how many birds are in the bush and when they will emerge (a formulation that my grandsons would probably update to "A girl in a convertible is worth five in the phonebook.").”

Warren Buffett

2000 Chairman's Letter
Letters to Shareholders (1957 - 2012)

“It's class warfare. My class is winning, but they shouldn't be.”

Warren Buffett

Interview with Lou Dobbs http://www.cnn.com/2005/US/05/10/buffett/index.html on CNN (25 May 2005) Buffet has made similar statements in other interviews: There's class warfare, all right, but it's my class, the rich class, that's making war, and we're winning. As quoted in "In Class Warfare, Guess Which Class Is Winning" by Ben Stein, in The New York Times (26 November 2006) http://www.nytimes.com/2006/11/26/business/yourmoney/26every.html

“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

Second annual letter to Limited Partners (1957) http://www.safalniveshak.com/wp-content/uploads/2013/12/Warren-Buffett-Berkshire-Letters-1957-2012.pdf Letters to Shareholders (1957 - 2012)

“The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball. They know that overstaying the festivities—that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future—will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is one helluva party. Therefore, the giddy participants all plan to leave just seconds before midnight. There's a problem, though: They are dancing in a room in which the clocks have no hands.”

Warren Buffett

2000 Chairman's Letter http://www.berkshirehathaway.com/letters/2000.html Letters to Shareholders (1957 - 2012)