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Warren Buffett Quotes - Page 24

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At this point, when treasury bills, seven day treasury bills at 1/20th of one percent, it's not because people want to earn 1/20th of one percent, it's because they trust the fact the treasury will give it back to them

At this point, when treasury bills, seven day treasury bills at 1/20th of one percent, it's not because people want to earn 1/20th of one percent, it's because they trust the fact the treasury will give it back to them next week.

Next Week, People, Giving

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

Market prices for stocks fluctuate at great amplitudes around intrinsic value but, over the long term, intrinsic value is virtually always reflected at some point in market price.

Long, Intrinsic Value, Term

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.

Wall, Lying, Knowledge

Chairman's Letter, www.berkshirehathaway.com. February 28, 2001.

Well, it may be all right in practice, but it will never work in theory

Practice, May, Theory

I just don't see anything available that gives any reasonable hope of delivering such a good year and I have no desire to grope around, hoping to 'get lucky' with other people's money. I am not attuned to this market environment, and I don't want to spoil a decent record by trying to play a game I don't understand just so I can go out a hero.

Hero, Years, Games

Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy only when others are fearful.

Business, Investing Money, Enemy

Berkshire Hathaway Inc. Chairman's Letter, www.berkshirehathaway.com. 2004.

Like I say, I don't think it'll be done perfectly. Maybe we'll end up with a little bit better [economy] system.

Thinking, Done, Littles

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

I think you are out of your mind if you keep taking jobs that you don't like because you think it will look good on your resume. Isn't that a little like saving up sex for your old age?

Life, Jobs, Sex

Buffett Lecture at the University of Florida School of Business, tilsonfunds.com. October 15, 1998.

If you expect to be a net saver during the next 5 years, should you hope for a higher or lower stock market during that period? Many investors get this one wrong. Even though they are going to be net buyers of stocks for many years to come, they are elated when stock prices rise and depressed when they fall. This reaction makes no sense. Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices.

Fall, Years, Next

Chairman's Letter to the Shareholders of Berkshire Hathaway Inc., www.berkshirehathaway.com. 1997.

Asset values and earning power are the dominant factors affecting the valuation of a controlling interest in a business. Market price, which governs valuation of minority interest positions, is of little or no importance in valuing a controlling interest.

Minorities, Littles, Earning

I have no idea on timing. It’s easier to tell what will happen than when it will happen. I would say that what is going on in terms of trade policy is going to have very important consequences.

Ideas, Important, Investing

I do not like debt and do not like to invest in companies that have too much debt, particularly long-term debt. With long-term debt, increases in interest rates can drastically affect company profits and make future cash flows less predictable.

Cash Flow, Long, Too Much

The real fortunes in this country have been made by people who have been right about the business they invested in, and not right about the timing of the stock market.

Country, Real, People

A hyperactive stock market is the pickpocket of enterprise.

Investing, Enterprise

It's never paid to bet against America.

America, Paid

"Buffett says U.S. in 'economic Pearl Harbor'". abcnews.go.com.

The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, and then earns little or no money. Think airlines. Here a durable competitive advantage has proven elusive ever since the days of the Wright Brothers. Indeed, if a farsighted capitalist had been present at Kitty Hawk, he would have done his successors a huge favor by shooting Orville down.

Brother, Thinking, Growth

Warren Buffett (2009). “Warren Buffett on Business: Principles from the Sage of Omaha”, p.110, John Wiley & Sons

I tell college students, when you get to be my age you will be successful if the people who you hope to have love you, do love you.

Love You, Successful, College

Managers that always promise to 'make the numbers' will at some point be tempted to make up the numbers.

Numbers, Promise, Tempted

Warren Buffett (2009). “Warren Buffett on Business: Principles from the Sage of Omaha”, p.47, John Wiley & Sons

You don't ever ask a barber whether you need a haircut.

Funny, Humor, Needs

What we really want to do is buy businesses that we would be happy to own forever.

Forever, Would Be, Want

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.

Views, Investing, Patient

Berkshire Hathaway Inc. Chairman's Letter, www.berkshirehathaway.com. 1991.

I think the FDIC was one of the great inventions of the American.

Thinking, Great Inventions, Invention

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

Either they're trying to con you or they're trying to con themselves.

Trying

Like most trends, at the beginning it's driven by fundamentals, at some point speculation takes over. What the wise man does in the beginning, the fool does in the end.

Wise, Men, Doe

The active investors will have their returns diminished by a far greater percentage than will their inactive brethren. That means that the passive group - the "know-nothings" - must win.

Mean, Winning, Groups

"Berkshire’s Corporate Performance vs. the S&P 500". "2007 Chairman’s letter" by Warren Buffett, Fanciful Figures – How Public Companies Juice Earnings, p.18, www.berkshirehathaway.com. February, 2008.

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