"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."
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Quote collection
Warren Buffett quotes (page 22 of 48)
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"Lethargy bordering on sloth remains the cornerstone of our investment style. The exception was Wells Fargo, a superbly-managed, high-return banking operation in which we increased our ownership to just under 10%, the most we can own without the approval of the Federal Reserve Board."
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"We set no volume goals in our insurance business generally-and certainly not in reinsurance-as virtually any volume can be achieved if profitability standards are ignored."
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"[People] have seen the credit market seize up. They're worried about money market funds, although the latest proposition from government should take care of that. They've seen eight percent of the bank deposits in the United States get moved very skillfully, I might say, within the last couple of weeks from institutions that they thought were fine a few months ago to other institutions. They are not wrong to be worried."
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"Making money isn't the backbone of our guiding purpose; it is the by-product of our guiding purpose."
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"It's class warfare, my class is winning, but they shouldn't be."
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"If you can't read the scoreboard. You don't know the score. If you don't know the score, you can't tell the winners from the losers."
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"The gross profits in many workouts appear quite small. It's a little like looking for parking meters with some time left on them. However, the predictability coupled with a short holding period produces quite decent average annual rates of return after allowance for the occasional substantial loss."
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"Traditional wisdom is long on tradition and short on wisdom."
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"Sound investing can make you very wealthy if you're not in too big a hurry"
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"If you want your business to survive for 100 years, you've got to make it through every single day for 100 years. It's not enough to do it 99.9% of the time."
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"The ideal business is one that earns very high returns on capital and that keeps using lots of capital at those high returns. That becomes a compounding machine."
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"Basically, the single-most important decision in evaluating a business is pricing power."
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"The greatest Enemies of the Equity investor are Expenses and Emotions."
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"It's easier to create money than to spend it."
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"All there is to investing is picking good stocks at good times and staying with them as long as they remain good companies."
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"The critical investment factor is determining the intrinsic value of a business and paying a fair or bargain price."
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"The time to buy stocks is consistently over time. You should never buy your investments with the idea, 'I have to get a certain return.' You should look at the best return possible and learn to live with that. But you should not try to make your investments earn what you feel you need. It doesn't work that way. The stock doesn't know you own it."
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"I've seen more people fail because of liquor and leverage -- leverage being borrowed money. You really don't need leverage in this world much. If you're smart, you're going to make a lot of money without borrowing."
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"I have pledged - to you, the rating agencies and myself - to always run Berkshire with more than ample cash. We never want to count on the kindness of strangers in order to meet tomorrow's obligations. When forced to choose, I will not trade even a night's sleep for the chance of extra profits."
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