Billionaire investor, industrialist and philanthropist, Warren Edward Buffett, and his thoughts on:
A public-opinion poll is no substitute for thought.
Beware of geeks bearing formulas.
Derivatives are financial weapons of mass destruction.
I buy expensive suits. They just look cheap on me.
In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.
Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.
Fear and Uncertainty
You know, people talk about this being an uncertain time. You know, all time is uncertain. I mean, it was uncertain back in – in 2007, we just didn’t know it was uncertain. It was – uncertain on September 10th, 2001. It was uncertain on October 18th, 1987, you just didn’t know it.
Americans are in a cycle of fear which leads to people not wanting to spend and not wanting to make investments, and that leads to more fear. We’ll break out of it. It takes time.
The smarter the journalists are, the better off society is. For to a degree, people read the press to inform themselves-and the better the teacher, the better the student body.
I always knew I was going to be rich. I don’t think I ever doubted it for a minute.
Of the billionaires I have known, money just brings out the basic traits in them. If they were jerks before they had money, they are simply jerks with a billion dollars.
If past history was all there was to the game, the richest people would be librarians.
Risk comes from not knowing what you’re doing.
Risk is a part of God’s game, alike for men and nations.
Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.
If anything, taxes for the lower and middle class and maybe even the upper middle class should even probably be cut further. But I think that people at the high end – people like myself – should be paying a lot more in taxes. We have it better than we’ve ever had it.
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 simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.
When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.
Wide diversification is only required when investors do not understand what they are doing.