Warren Buffett, fully Warren Edward Buffett, aka Oracle of Omaha

Warren
Buffett, fully Warren Edward Buffett, aka Oracle of Omaha
1930

American Businessman, Investor and Philanthropist, Chairman and CEO of Berkshire Hathaway

Author Quotes

Valuing a business is part art and part science.

We will reject interesting opportunities rather than over-leverage our balance sheet.

When I was sixteen, I had just two things on my mind - girls and cars. I wasn't very good with girls. So I thought about cars. I thought about girls, too, but I had more luck with cars.

You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right.

You’re neither right nor wrong because other people agree with you. You’re right because your facts are right and your reasoning is right—and that’s the only thing that makes you right. And if your facts and reasoning are right, you don’t have to worry about anybody else.

There's no question in my mind the number one problem of mankind is the spread of nuclear knowledge, ... It should be at the top of the list for our government.

Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.

We would rather look for easier things to do.

When returns on capital are ordinary, an earn-more-by-putting-up-more record is no great managerial achievement. You can get the same result personally while operating from your rocking chair. just quadruple the capital you commit to a savings account and you will quadruple your earnings. You would hardly expect hosannas for that particular accomplishment. Yet, retirement announcements regularly sing the praises of CEOs who have, say, quadrupled earnings of their widget company during their reign - with no one examining whether this gain was attributable simply to many years of retained earnings and the workings of compound interest.

You can’t make a good deal with a bad person.

Your premium brand had better be delivering something special, or it's not going to get the business.

These costs are now being incurred in amounts that will cause shareholders to earn far less than they historically have.

Warren, isn't it fair to say that if we did have an opinion, we wouldn't tell him?

We’ve long felt, that the only value of stock forecasts, is to make fortune tellers look good. We believe that short-term market forecasts are poison, and should be kept locked up in a safe place, away from children, and also from grown-ups, who behave in the market like children.

When they open that envelope, the first instruction is to take my pulse again. [instructions of his succession are sealed in an envelope at headquarters.]

You can't produce a baby in one month by getting nine women pregnant.

You've been drafted into a war you didn't start... Focus on your customers and lead your people as though their lives depended on your success.

This "what-will-they-do-with-the-money" factor must always be evaluated along with the "what-do-we-have-now" calculation in order for us, or anybody, to arrive at a sensible estimate of a company's intrinsic value. That's because an outside investor stands by helplessly as management reinvests his share of the company's earnings. If a CEO can be expected to do this job well, the reinvestment prospects add to the company's current value; if the CEO's talents or motives are suspect, today's value must be discounted. The difference in outcome can be huge. A dollar of then-value in the hands of Sears Roebuck's or Montgomery Ward's CEOs in the late 1960s had a far different destiny than did a dollar entrusted to Sam Walton.

We always live in an uncertain world. What is certain, is that the United States will go forward over time.

We'd go down and play the best team. It would be fun for me and Bill to play the champions. And it might spur them on some.

When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.

You couldn't advance in a finance department in this country unless you taught that the world was flat.

This combination virtually assures both Berkshire and General Re shareholders that they will have a better future than if the two companies operated separately,

We believe that according the name ‘investors’ to institutions that trade actively is like calling someone who repeatedly engages in one-night stands a ‘romantic.’

We're more comfortable in that kind of business. It means we miss a lot of very big winners. But we wouldn't know how to pick them out anyway. It also means we have very few big losers - and that's quite helpful over time. We're perfectly willing to trade away a big payoff for a certain payoff.

Author Picture
First Name
Warren
Last Name
Buffett, fully Warren Edward Buffett, aka Oracle of Omaha
Birth Date
1930
Bio

American Businessman, Investor and Philanthropist, Chairman and CEO of Berkshire Hathaway