"In other words, the percentage change in book value in any given year is likely to be reasonably close to that year's change in intrinsic value."
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Quote collection
Warren Buffett quotes (page 14 of 48)
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"It's never paid to bet against America. We come through things, but its not always a smooth ride."
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"Much success can be attributed to inactivity. Most investors cannot resist the temptation to constantly buy and sell."
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"John Maynard Keynes essentially said, don't try and figure out what the market is doing. Figure out a business you understand, and concentrate."
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"Someone's sitting in the shade today because someone planted a tree a long time ago. The person sitting in the shade now should be grateful for the person who planted and tended that tree. That includes all those benefactors of humanity throughout history that created, invented, financed, produced, maintained and improved all that we enjoy today."
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"Investors, of course, can, by their own behavior make stock ownership highly risky. And many do. Active trading, attempts to "time" market movements, inadequate diversification, the payment of high and unnecessary fees to managers and advisors, and the use of borrowed money can destroy the decent returns that a life-long owner of equities would otherwise enjoy. Indeed, borrowed money has no place in the investor's tool kit."
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"Part of making good decisions in business is recognizing the poor decisions you've made and why they were poor. I've made lots of mistakes. I'm going to make more. It's the name of the game. You don't want to expect perfection in yourself. You want to strive to do your best. It's too demanding to expect perfection in yourself."
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"Of one thing be certain: if a CEO is enthused about a particularly foolish acquisition, both his internal staff and his outside advisors will come up with whatever projections are needed to justify his stance. Only in fairy tales are emperors told that they are naked."
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"What we learn from history is that people don't learn from history."
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"There is seldom just one cockroach in the kitchen. You know, you turn on the light and, all of sudden, they all start scurrying around."
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"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."
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"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."
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"Of our 49 billion, we haven't moved any to Bitcoin"
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"If you don't feel comfortable owning something for 10 years, then don't own it for 10 minutes."
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"The extraordinary business does not require good management."
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"It is madness to risk losing what you need in pursuing what you simply desire."
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"The key to life is to figure out who to be the batboy for."
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"Gold is a way of going long on fear, and it has been a pretty good way of going long on fear from time to time. But you really have to hope people become more afraid in a year or two years than they are now. And if they become more afraid you make money, if they become less afraid you lose money, but the gold itself doesn’t produce anything."
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"I checked the actuarial tables, and the lowest death rate is among six-year-olds. So I decided to eat like a six-year-old."
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"Asset-heavy businesses generally earn low rates of return - rates that often barely provide enough capital to fund the inflationary needs of the existing business, with nothing left over for real growth, for distribution to owners, or for acquisition of new businesses"
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