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Warren Buffett Quotes - Page 19

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In our view, though, investment students need only two well-taught courses-How to Value a Business, and How to Think about Market Prices. Your goal as an investor should simply be to purchase, at a rational price, a

In our view, though, investment students need only two well-taught courses-How to Value a Business, and How to Think about Market Prices. Your goal as an investor should simply be to purchase, at a rational price, a part interest in an easily-understandable business who's earnings are virtually certain to be materially higher five, ten and twenty years from now.

Thinking, Two, Views

Warren Buffett (2009). “Warren Buffett on Business: Principles from the Sage of Omaha”, p.160, John Wiley & Sons

I don't want to be on the other side of the table from the customer. I was never selling anything that I didn't believe in myself or use myself.

Believe, Use, Tables

In business, I look for economic castles protected by unbreachable 'moats'.

Castles, Moats, Looks

Warren Buffett (2009). “Warren Buffett on Business: Principles from the Sage of Omaha”, p.63, John Wiley & Sons

We will continue to ignore political and economic forecasts, which are an expensive distraction for many investors and businessmen. Thirty years ago, no one could have foreseen the huge expansion of the Vietnam War, wage and price controls, two oil shocks, the resignation of a president, the dissolution of the Soviet Union, a one-day drop in the Dow of 508 points, or treasury bill yields fluctuating between 2.8% and 17.4%.

War, Yield, Years

Letter To the Shareholders of Berkshire Hathaway Inc., www.berkshirehathaway.com. March 7, 1995.

A market downturn, doesn't bother us. For us and our long term investors, it is an opportunity to increase our ownership of great companies with great management at good prices. Only for short term investors and market timers is a correction not an opportunity.

Opportunity, Long, Management

There is no perfect mathematical formula for pricing a business.

Perfect, Mathematical, Formulas

The problem with commodities is that you are betting on what someone else would pay for them in six months. The commodity itself isn't going to do anything for you....it is an entirely different game to buy a lump of something and hope that somebody else pays you more for that lump two years from now than it is to buy something that you expect to produce income for you over time.

Years, Games, Two

I happen to have a talent for allocating capital. But my ability to use that talent is completely dependent on the society I was born into. If I'd been born into a tribe of hunters, this talent of mine would be pretty worthless. I can't run very fast. I'm not particularly strong. I'd probably end up as some wild animal's dinner.

Running, Strong, Animal

"The Audacity of Hope: Thoughts on Reclaiming the American Dream". Book by Barack Obama. Chapter 5, 2006.

When you build a bridge, you insist that it can carry 30,000 pounds, but you only drive 10,000-pound trucks across it. And that same principle works in investing.

Bridges, Principles, Investing

Warren Buffett (2009). “Warren Buffett on Business: Principles from the Sage of Omaha”, p.231, John Wiley & Sons

I have always cautioned partners that I considered three years a minimum in determining whether we were "performing".

Years, Three, Partners

Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life.

Taken, Cash, Intrinsic Value

Warren Buffett (2009). “Warren Buffett on Business: Principles from the Sage of Omaha”, p.220, John Wiley & Sons

Energy deregulation will be the largest transfer of wealth in history.

Energy, Deregulation, Wealth

You are neither right nor wrong because the crowd disagrees with you.

Life, Generosity, Crowds

I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.

Money, Years, Greatest Wealth

"The Big Lie Exposed: The Future is Not Predictable" by Jeff Schweitzer, www.huffingtonpost.com. February 2, 2009.

The dominant factors affecting control valuations are earning power (past and prospective) and asset values.

Past, Earning, Assets

The best business returns are usually achieved by companies that are doing something quite similar today to what they were doing five or ten years ago.

Years, Investing, Today

Warren Buffett (2009). “Warren Buffett on Business: Principles from the Sage of Omaha”, p.115, John Wiley & Sons

There is one thing of which I can assure you. If good performance of the fund is even a minor objective, any portfolio encompassing one hundred stocks (whether the manager is handling one thousand dollars or one billion dollars) is not being operated logically. The addition of the one hundredth stock simply can't reduce the potential variance in portfolio performance sufficiently to compensate for the negative effect its inclusion has on the overall portfolio expectation.

Expectations, Negative, Dollars

Many stock options in the corporate world have worked in exactly that fashion: they have gained in value simply because management retained earnings, not because it did well with the capital in its hands.

Fashion, Hands, World

Lawrence A. Cunningham, Warren E. Buffett (2013). “The Essays of Warren Buffett: Lessons for Corporate America (Third Edition)”, p.48, Carolina Academic Press

A diamond cannot be polished without friction, nor a person perfected without trials. Someone is enjoying shade today because someone planted a tree a long time ago.

Long, Tree, Shade

During inflation, Goodwill is the gift that keeps on giving.

Vacation, Giving, Mental Toughness

There is no staff. I make all the investment decisions and I do all my own analysis.

Decision, Analysis, Investment

Source: hurricanecapital.wordpress.com

Our system works. Over time, people will live better and better. We have a system that unleashes human potential, and now China has a system that unleashes human potential. We will have interruptions. We overshoot and undershoot sometimes, but your kids and grandkids will live better than you. Over time, we move ahead at a pretty damn rapid rate.

Moving, Kids, People

Enjoy your work and work for whom you admire.

Investing, Admire, Enjoy

The 19th century belonged to England, the 20th century belonged to the U.S., and the 21st century belongs to China. Invest accordingly.

England, Century, China

"US will regain supremacy over next 40 years". www.abc.net.au. March 10, 2010.

I really like my life. I've arranged my life so that I can do what I want.

Investing, Want, Buffets

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