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Warren Buffett Quotes - Page 22

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The capital gains tax is 15 percent now. So I sit there in my office and I make a lot of money by capital gains, and I pay 15 percent, and I pay no payroll tax on it.

The capital gains tax is 15 percent now. So I sit there in my office and I make a lot of money by capital gains, and I pay 15 percent, and I pay no payroll tax on it.

Payroll Tax, Office, Gains

"Warren Buffett: I Haven't Seen As Much Economic Fear In My Adult Lifetime". "Charlie Rose", www.cnbc.com. October 1, 2008.

We do not view the company itself as the ultimate owner of our business assets but instead view the company as a conduit through which our shareholders own assets.

Views, Investing, Owners

Richard J. Connors, Warren Buffett (2010). “Warren Buffett on Business: Principles from the Sage of Omaha”, p.190, John Wiley & Sons

You do not adequately protect yourself by being half awake when other are sleeping.

Sleep, Investing, Half

Returns decrease as motion increases.

Return, Increase, Decrease

Lawrence A. Cunningham, Warren E. Buffett (2013). “The Essays of Warren Buffett: Lessons for Corporate America (Third Edition)”, p.111, Carolina Academic Press

You should be unconcerned about short-term price action when you own the securities directly, just as you were unconcerned when you owned them indirectly through BPL. I think about them as businesses, not "stocks", and if the business does all right over the long term, so will the stock.

Thinking, Long, Doe

Managers and investors alike must understand that accounting numbers are the beginning, not the end, of business valuation.

Numbers, Ends, Billionaire

Berkshire Hathaway Inc. Chairman's Letter, www.berkshirehathaway.com. 1982.

I bought a company in the mid-90s called Dexter Shoe and paid $400 million for it. And it went to zero. And I gave about $400 million worth of Berkshire stock, which is probably now worth $400 billion. But I've made lots of dumb decisions. That's part of the game.

Zero, Games, Shoes

"Warren Buffett opens his wallet for Piers Morgan and America" by Lateef Mungin, www.cnn.com. October 23, 2013.

The banking business is no favorite of ours. When assets are twenty times equity - a common ratio in this industry - mistakes that involve only a small portion of assets can destroy a major portion of equity. And mistakes have been the rule rather than the exception at many major banks.

Mistake, Twenties, Banking

If you can tell me who your heroes are, I can tell you how you're going to turn out in life.

Life, Hero, Turns

What's hot today isn't likely to be hot tomorrow. The stock market reverts to fundamental returns over the long run. Don't follow the herd.

Running, Long, Hot

Source: time.com

When bills come due, only cash is legal tender. Don't leave home without it.

Home, Cash, Bills

Don't invest in pieces of papers (stocks), invest in great businesses underlying them

Pieces, Paper, Great Business

Anything 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.

Play, Next Day, Events

"When I Met the Legends of Investing - Part 3" by Vishal Khandelwal, www.safalniveshak.com. December 12, 2012.

More investment sins are probably committed by otherwise quite intelligent people because of "tax considerations" than from any other cause. One of my friends-a noted West Coast philosopher-maintains that a majority of life's errors are caused by forgetting what one is really trying to do. This is certainly the case when an emotionally supercharged element like taxes enters the picture (I have another friend-a noted East Coast philosopher who says it isn't the lack of representation he minds-it's the taxation).

Intelligent, Errors, People

You pay a very high price in the stock market for a cheery consensus.

Pay, Consensus, High Prices

Possessing a powerful worldwide brand is essential for sustained success.

Powerful, Essentials, Brands

A fool and his money are soon invited everywhere.

Money, Italian, Taxes Funny

In 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.

Bridges, Dollars, Would Be

We will prosper or suffer in controlled investments in relation to the operating performances of our businesses - we will not attempt to profit by playing various games in the securities markets.

Games, Suffering, Investment

You are lucky in life if you have the right heroes. I advise all of you, to the extent you can, to pick out a few heroes

Hero, Lucky, Advise

The secret is to find what you love to do.I mean, I tell the students look for the job that you would take if you didn't need a job. I mean, it's that simple. And I was lucky enough to find it very early in life. And then the second thing is to have people around you that make feel good every day, and make you a better person than you otherwise would be.

Mean, Simple, People

Source: www.pbs.org

I would rather sustain the penalties resulting from over-conservatism than face the consequences of error, perhaps with permanent capital loss, resulting from the adoption of "New Era" philosophy where trees really do grow to the sky.

Philosophy, Loss, Errors

I certainly have no desire to sell a good controlled business run by people I like and admire, merely to obtain a fancy price. However, specific conditions may cause the sale of one operating unit at some point.

Running, People, Desire

An ounce of prevention is worth a pound of cure understated.

Prevention, Pounds, Cures

"Warren Buffett: I Haven't Seen As Much Economic Fear In My Adult Lifetime". "Charlie Rose", www.cnbc.com. October 1, 2008.

Businesses always have opportunities to improve service, product lines, manufacturing techniques, and the like, and obviously these opportunities should be seized. But a business that constantly encounters major change also encounters many chances for major error

Opportunity, Errors, Technique

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

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