Warren Buffett

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  • Berkshire Hathaway 2007 Letter to Shareholders   view details
    "A truly great business must have an enduring "moat" that protects excellent returns on invested capital. The dynamics of capitalism guarantee that competitors will repeatedly assault any business "castle" that is earning high returns... She's smart, she
  • Who Really Cooks the Books?   view details
    "For many years, I've had little confidence in the earnings numbers reported by most corporations. I'm not talking about Enron and WorldCom - examples of outright crookedness. Rather, I am referring to the legal, but improper, accounting methods used by chief executives to inflate reported earnings. The most flagrant deceptions have occurred in stock-option accounting and in assumptions about pension-fund returns. The aggregate misrepresentation in these two areas dwarfs the lies of Enron and WorldCom."
  • Why I'm not buying the U.S. dollar   view details
    "At that point, the Squanders are forced to deal with an ugly equation: They must now not only return to working eight hours a day in order to eat -- they have nothing left to trade -- but must also work additional hours to service their debt and pay Thriftville rent on the land so imprudently sold. In effect, Squanderville has been colonized by purchase rather than conquest. ... In general, the batting average of doomsayers in the U.S. is terrible. Our country has consistently made fools of those who were skeptical about either our economic potential or our resiliency. Many pessimistic seers simply underestimated the dynamism that has allowed us to overcome problems that once seemed ominous. We still have a truly remarkable country and economy."
  • Why stocks beat gold and bonds   view details
    "Ideally, these assets should have the ability in inflationary times to deliver output that will retain its purchasing-power value while requiring a minimum of new capital investment. Farms, real estate, and many businesses such as Coca-Cola, IBM, and our own See's Candy meet that double-barreled test."

Author Quotes

  • Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years.

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  • I don't look to jump over 7-foot bars; I look around for 1-foot bars that I can step over.

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  • I violated the Noah rule: Predicting rain doesn't count; building arks does.

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

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  • In the business world, the rearview mirror is always clearer than the windshield.

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  • It's only when the tide goes out that you discover who's been swimming naked.

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  • 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.

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

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

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  • I won't close down a business of subnormal profitability merely to add a fraction of a point to our corporate returns. I also feel it inappropriate for even an exceptionally profitable company to fund an operation once it appears to have unending losses in prospect. Adam Smith would disagree with my first proposition and Karl Marx would disagree with my second; the middle ground is the only position that leaves me comfortable.

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All quotes by Warren Buffett

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