As quoted in The Money Adventure (1998) by Egbert Sukop, p.Wall Street is the only place that people ride to work in a Rolls Royce to get advice from those who take the subway.1997 Berkshire Hathaway Annual Meeting, as quoted in Of Permanent Value : The Story of Warren Buffett, by Andrew Kilpatrick, Vol.If you're driving a truck across a bridge that says it holds 10,000 pounds and you've got a 9,800 pound vehicle, if the bridge is 6 inches above the crevice it covers, you may feel okay, but if it's over the Grand Canyon, you may feel you want a little larger margin of safety. So, the more vulnerable the business is, assuming you still want to invest in it, the larger margin of safety you'd need. If you understood a business perfectly and the future of the business, you would need very little in the way of a margin of safety.As quoted in Warren Buffett Speaks: Wit and Wisdom from the World's Greatest Investor (1997) by Janet C.And I'm going to give virtually all of those claim checks to charity when my wife and I die. There's nothing material I want very much. I don't use very many of those claim checks. But the utility of the product would be zilch, and I would be keeping those 10,000 people from doing AIDS research, or teaching, or nursing. If I wanted to, I could hire 10,000 people to do nothing but paint my picture every day for the rest of my life. It is like I have these little pieces of paper that I can turn into consumption. The way I see it is that my money represents an enormous number of claim checks on society. I don't have a problem with guilt about money.On the game of bridge, as quoted in Forbes (2 June 1997) also quoted in The Warren Buffett Portfolio: Mastering the Power of the Focus Investment Strategy (2000), p.Bridge is about weighing gain/loss ratios. You're seeing through new situations every ten minutes. It's got to be the best intellectual exercise out there. These inferences tell you something about the probabilities. There are a lot of things to draw inferences from - cards played and not played. To me it's very simple: if you're going to be thinking anyway, you might as well think big. As quoted in Buffett: The Making of an American Capitalist (1995), by Roger Lowenstein, p.Have the purchase price be so attractive that even a mediocre sale gives good results. Statement of January 1991, as quoted in Of Permanent Value: The Story of Warren Buffett (2007) by Andrew Kilpatrick.Someone's sitting in the shade today because someone planted a tree a long time ago.As quoted in Barbarians at the Gate : The Fall of RJR Nabisco (1989), by Bryan Burrough and John Helyar.I'll tell you why I like the cigarette business. It costs a penny to make.Kirkland Jr, in Fortune (29 September 1986) As quoted in "Should You Leave It All to the Children?" by Richard I.Love is the greatest advantage a parent can give.Sooner or later the market mirrors the business. People have been successful investors because they've stuck with successful companies. Buy into a company because you want to own it, not because you want the stock to go up. Draw a circle around the businesses you understand and then eliminate those that fail to qualify on the basis of value, good management and limited exposure to hard times.On being dispassionate and patient in investments, in an interview in Forbes magazine (1 November 1974) he is contrasting soft-drinks to intoxicating beverages in this example Buffett eventually became a major investor in Coca-Cola.If you can stick with Pepsi, you should be O.K. You're dealing with a lot of silly people in the marketplace it's like a great big casino and everyone else is boozing.1999 Berkshire Hathaway Annual Meeting, as quoted in The Tao of Warren Buffett by Mary Buffett and David Clark p.The problem when you're a money manager is that your fans keep yelling, "Swing, you bum!" You don't have to swing at everything - you can wait for your pitch. Variant: The stock market is a no-called-strike game.Interview in Forbes magazine (1 November 1974).All day you wait for the pitch you like then when the fielders are asleep, you step up and hit it. There's no penalty except opportunity lost. Steel at 39! and nobody calls a strike on you. You stand at the plate, the pitcher throws you General Motors at 47! U.S. I call investing the greatest business in the world.The asset I most value, aside from health, is interesting, diverse, and long-standing friends.
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