Warren Buffett

Banking is very good business if you don't do anything dumb.

I never buy anything unless I can fill out on a piece of paper my reasons. I may be wrong, but I would know the answer to that ...I'm paying $32 billion today for the Coca Cola Company because... If you can't answer that question, you shouldn't buy it. If you can answer that question, and you do it a few times, you'll make a lot of money.

You do things when the opportunities come along. I've had periods in my life when I've had a bundle of ideas come along, and I've had long dry spells. If I get an idea next week, I'll do something. If not, I won't do a damn thing.

In other words, the percentage change in book value in any given year is likely to be reasonably close to that year's change in intrinsic value.

Investors should remember that their scorecard is not computed using Olympic-diving methods: Degree-of-difficulty doesn't count. If you are right about a business whose value is largely dependent on a single key factor that is both easy to understand and enduring, the payoff is the same as if you had correctly analyzed an investment alternative characterized by many constantly shifting and complex variables.

Success in investing doesn’t correlate with I.Q. Once you are above the level of 25; once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing.

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.

Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy only when others are fearful.

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.

When forced to choose, I will not trade even a night's sleep for the chance of extra profits.

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

You shouldn't own common stocks if a 50 per cent decrease in their value in a short period of time would cause you acute distress.

Economic medicine that was previously meted out by the cupful has recently been dispensed by the barrel. These once unthinkable dosages will almost certainly bring on unwelcome after-effects. Their precise nature is anyone's guess, though one likely consequence is an onslaught of inflation.

Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.

Only when the tide goes out do you discover who's been swimming naked.

We will continue to ignore political and economic forecasts, which are an expensive distraction for many investors and _x000D_ businessmen. Thirty years ago, no one could have foreseen the huge expansion of the Vietnam War, wage and price controls, two oil shocks, the resignation of a president, the dissolution of the Soviet Union, a one-day drop in the Dow of 508 points, or treasury bill yields fluctuating between 2.8% and 17.4%.

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

The rich are always going to say that, you know, just give us more money and we'll go out and spend more and then it will all trickle down to the rest of you. But that has not worked the last 10 years, and I hope the American public is catching on.

The less prudence with which others conduct their affairs, the greater the prudence with which we should conduct our own affairs.

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

I do know that when I am 60, I should be attempting to achieve different personal goals than those which had priority at age 20.