"Don't settle for anything other than your passion - if you're lucky enough to find it."
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Quote collection
Warren Buffett quotes (page 17 of 48)
959 quotes — follow a thought to its full quote page.
"Your premium brand had better be delivering something special, or it's not going to get the business."
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"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."
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"It makes no difference to a widow with her savings in a 5 percent passbook account whether she pays 100 percent income tax on her interest income during a period of zero inflation or pays no income tax during years of 5 percent inflation. Either way, she is 'taxed' in a manner that leaves her no real income whatsoever. Any money she spends comes right out of capital. She would find outrageous a 100 percent income tax but doesn't seem to notice that 5 percent inflation is the economic equivalent."
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"Time is your friend, impulse is your enemy. Take advantage of compound interest and don't be captivated by the siren song of the market."
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"If you are a professional and have confidence, then I would advocate lots of concentration."
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"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."
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"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."
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"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)."
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"If you have more than 120 or 130 I.Q. points, you can afford to give the rest away. You don't need extraordinary intelligence to succeed as an investor."
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"We don't read other people's opinions. We want to get the facts, and then think."
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"If knowing history made you rich, librarians would be billionaires."
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"You have to turn over a lot of rocks to find those little anomalies. You have to find the companies that are off the map - way off the map. You may find local companies that have nothing wrong with them at all. A company that I found, Western Insurance Securities, was trading for $3/share when it was earning $20/share!! I tried to buy up as much of it as possible. No one will tell you about these businesses. You have to find them."
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"I don't need 15 houses. Owning real estate doesn't mean much to me. I don't like to think about things like that. I don't need 12 boats, or even the world's largest boat with a crew of 80. I'd have to take care of them, to worry about them. I get a lot more fun out of life without all the bells and whistles."
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"They say the chains of habit are too light to be felt until they are too heavy to be broken. The chains you put around yourself now have enormous consequences as you go through life."
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"I'd rather have a $10 million business making 15 per cent than a $100 million business making 5 per cent."
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"Mark Zuckerberg will be a hero to many young entrepreneurs 20 years from now. Bill Gates will be a hero to others, and they will look to those [people] like I read books when I was in my teens about Rockefeller or Carnegie."
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"The most important thing in terms of your circle of competence is not how large the area of it is, but how well you've defined the perimeter."
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"There is no staff. I make all the investment decisions and I do all my own analysis."
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"With a wonderful business, you can figure out what will happen; you can't figure out when it will happen. You don't want to focus on when, you want to focus on what. If you're right about what, you don't have to worry about when"
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