Whatever you like to do, make it a hobby and whatever the world likes to do, make it a business.

An investor should act as though he had a lifetime decision card with just twenty punches on it.

We have long felt that the only value of stock forecasters is to make fortune-tellers look good.

If you lose money for the firm, I will be forgiving. If you lose reputation, I will be ruthless.

Truly conservative actions arise from intelligent hypotheses, correct facts and sound reasoning.

Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.

It's never paid to bet against America. We come through things, but its not always a smooth ride.

I view derivatives as time bombs, both for the parties that deal in them and the economic system.

I mean [Franklin Delano] Roosevelt didn't - you know, when he came in, he didn't print any money.

I want to be able to explain my mistakes. This means I do only the things I completely understand.

The important thing is to keep playing, to play against weak opponents and to play for big stakes.

It's us fun being a horse when the tractor comes along, or the blacksmith when the car comes along.

Investing is forgoing consumption now in order to have the ability to consume more at a later date.

All day you wait for the pitch you like; then when the fielders are asleep, you step up and hit it.

If the reason for doing something is that everyone else is doing it, it's not a good enough reason.

When people talk about cash being king, it's not king if it just sits there and never does anything.

In the world of business, the people who are most successful are those who are doing what they love.

Making money isn't the backbone of our guiding purpose; it is the by-product of our guiding purpose.

Asking for financial advice from a financial planner is like asking a barber if you need a hair cut.

My wealth has come from a combination of living in America, some lucky genes, and compound interest.

It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

There are certain things that cannot be adequately explained to a virgin either by words or pictures.

I prefer liquor store robbers with hungry kids to companies that locate offshore to avoid U.S. taxes.

Charlie and I have a number of filters that things have to get through before we'll think about them.

We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.

If you are not willing to own a stock for 10 years, do not even think about owning it for 10 minutes.

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

You know ... you keep doing the same things and you keep getting the same result over and over again.

I am a better investor because I am a businessman, and a better businessman because I am no investor.

A single year's performance is of minor importance and, good or bad, should never be taken seriously.

We have a country where I don't know whether it's a million households a year or more, but good form.

The best education you can get is investing in yourself, and that doesn't mean college or university.

You can be sure that over the next 10 years, you'll see something that you did not think was possible.

To be successful, you should concentrate on the world of companies, not arcane accounting mathematics.

I put heavy weight on certainty. It's not risky to buy securities at a fraction of what they're worth.

Diversification is protection against ignorance. It makes little sense if you know what you are doing.

The purpose of life is to be loved by as many people as possible among those you want to have love you

Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.

I don't think it would be crazy to have a model or an entity model on the Reconstruction Finance Corp.

I did not think I would see the day when, you know, an AIG would not be able to have its checks clear.

The patient that's on the floor with the cardiac arrest is not Wall Street. It's the American economy.

Charlie [Munger] and I are not big fans of resumes. Instead, we focus on brains, passion and integrity.

Read Ben Graham and Phil Fisher read annual reports, but don't do equations with Greek letters in them.

The obligation of a society as prosperous as ours is to figure out how nobody gets left too far behind.

I've often felt there might be more to be gained by studying business failures than business successes.

The most important investment you can make is in yourself... nobody can tax it or take it away from you.

The fundamental basis of above-average performance in the long run is sustainable competitive advantage.

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

I'd rather have a $10 million business making 15 per cent than a $100 million business making 5 per cent.

We don't get paid for activity, just for being right. As to how long we'll wait, we'll wait indefinitely.

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