Warren Buffett Quotes

“Games are won by players who focus on the playing field –- not by those whose eyes are glued to the scoreboard.”
― Warren Buffett

“Buffett found it 'extraordinary' that academics studied such things. They studied what was measurable, rather than what was meaningful. 'As a friend [Charlie Munger] said, to a man with a hammer, everything looks like a nail.”
― Roger Lowenstein, Buffett: The Making of an American Capitalist

“Buffett was a billionaire who drove his own car, did his own taxes, and still lived in a home he had bought in 1958 for $31,500. He seemed to answer to a deeply rooted, distinctly American mythology, in which decency and common sense triumphed over cosmopolitan guile, and in which an idealized past held firm against a rootless and too hurriedly changing present.”
― Roger Lowenstein

“The modern spirit is a hesitant one. Spontaneity has given way to cautious legalisms, and the age of heroes has been superseded by a cult of specialization. We have no more giants; only obedient ants.”
― Roger Lowenstein, Buffett: The Making of an American Capitalist

“Buffett's methodology was straightforward, and in that sense 'simple.' It was not simple in the sense of being easy to execute. Valuing companies such as Coca-Cola took a wisdom forged by years of experience; even then, there was a highly subjective element. A Berkshire stockholder once complained that there were no more franchises like Coca-Cola left. Munger tartly rebuked him. 'Why should it be easy to do something that, if done well two or three times, will make your family rich for life?”
― Roger Lowenstein, Buffett: The Making of an American Capitalist

“Good habits are the basic tools that will determine whether you are a tortoise
or hare in life!”
― Lucas Remmerswaal, 13 Habits.com The tale of Tortoise Buffett and Trader Hare: Inspired by Warren Buffett

“Warren Buffett chuckled and said to me "I hope it's not my bad habits" Good Habits once established are just as hard to break as bad habits and bad habits are easier to abandon today than tomorrow. So what are you going to do about it?”
― Lucas Remmerswaal, 13 Habits.com The tale of Tortoise Buffett and Trader Hare: Inspired by Warren Buffett

“On the Ideal Business - Buffett: “Something that costs a penny, sells for a dollar and is habit forming.”
― Daniel Pecaut, University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting

“Buffett does enjoy being a billionaire, but in offbeat ways. As he put it, though money cannot change your health or how many people love you, it lets you be in 'more interesting environments.”
― Roger Lowenstein, Buffett: The Making of an American Capitalist

“You must really want to win with all of your heart! Plan your race; do not ever get side tracked. Focus on your goal - “the finishing line”!”
― Lucas Remmerswaal, 13 Habits.com The tale of Tortoise Buffett and Trader Hare: Inspired by Warren Buffett

“Buffett's uncommon urge to chronicle made him a unique character in American life, not only a great capitalist but the Great Explainer of American capitalism. He taught a generation how to think about business, and he showed that securities were not just tokens like the Monopoly flatiron, and that investing need not be a game of chance. It was also a logical, commonsensical enterprise, like the tangible businesses beneath. He stripped Wall Street of its mystery and rejoined it to Main Street -- a mythical or disappearing place, perhaps, but one that is comprehensible to the ordinary American.”
― Roger Lowenstein, Buffett: The Making of an American Capitalist

“Value is what a business is worth. Price is what you have to pay to get it.”
― Daniel Pecaut, University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting

“The danger of relying on historical statistics or formulas is that you end up betting on a 14-year-old horse with a great record but is now ready for the glue factory.”
― Daniel Pecaut, University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting

“Buffett also noted that book value is seldom meaningful in analyzing the value of a business. Book value simply records what was put into the business. The key to calculating value is determining what will come out of the business.”
― Daniel Pecaut, University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting

“Buffett gave two criteria for evaluating the performance of management: 1) How well do they run the business? and 2) How well do they treat the owners?”
― Daniel Pecaut, University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting

“Why even smart people get bad results by Warren Buffett
It' ego, greed, envy, fear…It's mindless imitation of other people. I mean, there are a variety of factors that cause that horsepower of the mind to get diminished dramatically before the output turns out. And I would say if Charlie and I have any advantage it's not because we're so smart, it's because we're rational and we very seldom let extraneous factors interfere with our thoughts. We don't let other people's opinion interfere with it…we try to get fearful when others are greedy. We try to get greedy when others are fearful. We try to avoid any kind of imitation of other people's behavior. And those are the factors that cause smart people to get average to bad results.

I always look at IQ and talent as representing the horsepower of the motor, but in terms of output, the efficiency with which the motor works, depends on rationality. That's because a lot of people start out with 400-horsepower motor and get a hundred horsepower of output. So why do smart people do things that interfere with getting the output they're entitled to? It gets into the habits, and character and temperament, and it really gets into behaving in a rational manner. Not getting in your own way.”
― Warren Buffett

“On 3 timeless ideas for investing
Benjamin Graham, three fundamentally basic ideas:
1. You should look at stocks as part of ownership of a business.
2. You should look at market fluctuations in terms of his "Mr. Market" example & make them your friend rather than your enemy by essentially profiting from folly rather participating in it, & finally,
3. The 3 most important words in investing are "margin of safety" - ...always building a 15,000 pound bridge if you're going to be driving 10,000 pound truck across it...”
― Peter Bevelin, Seeking Wisdom: From Darwin To Munger

“When Warren was a little boy fingerprinting nuns and collecting bottle caps, he had no knowledge of what he would someday become. Yet as he rode his bike through Spring Valley, flinging papers day after day, and raced through the halls of The Westchester, pulse pounding, trying to make his deliveries on time, if you had asked him if he wanted to be the richest man on earth—with his whole heart, he would have said, Yes.
That passion had led him to study a universe of thousands of stocks. It made him burrow into libraries and basements for records nobody else troubled to get. He sat up nights studying hundreds of thousands of numbers that would glaze anyone else’s eyes. He read every word of several newspapers each morning and sucked down the Wall Street Journal like his morning Pepsi, then Coke. He dropped in on companies, spending hours talking about barrels with the woman who ran an outpost of Greif Bros. Cooperage or auto insurance with Lorimer Davidson. He read magazines like the Progressive Grocer to learn how to stock a meat department. He stuffed the backseat of his car with Moody’s Manuals and ledgers on his honeymoon. He spent months reading old newspapers dating back a century to learn the cycles of business, the history of Wall Street, the history of capitalism, the history of the modern corporation. He followed the world of politics intensely and recognized how it affected business. He analyzed economic statistics until he had a deep understanding of what they signified. Since childhood, he had read every biography he could find of people he admired, looking for the lessons he could learn from their lives. He attached himself to everyone who could help him and coattailed anyone he could find who was smart. He ruled out paying attention to almost anything but business—art, literature, science, travel, architecture—so that he could focus on his passion. He defined a circle of competence to avoid making mistakes. To limit risk he never used any significant amount of debt. He never stopped thinking about business: what made a good business, what made a bad business, how they competed, what made customers loyal to one versus another. He had an unusual way of turning problems around in his head, which gave him insights nobody else had. He developed a network of people who—for the sake of his friendship as well as his sagacity—not only helped him but also stayed out of his way when he wanted them to. In hard times or easy, he never stopped thinking about ways to make money. And all of this energy and intensity became the motor that powered his innate intelligence, temperament, and skills.”
― Alice Schroeder, The Snowball: Warren Buffett and the Business of Life

“While inflation is still undesirable, well-run businesses that employ relatively little capital, that throw off lots of cash and that have pricing flexibility will cope well with inflation.”
― Daniel Pecaut, University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting

“If you are going to be a lifelong buyer of food, you welcome falling prices and deplore price increases. So should it be with investments.”
― Daniel Pecaut, University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting

“he argued with Susie that she had been conned into spending too much money on Howard's coffin.”
― Alice Schroeder, The Snowball: Warren Buffett and the Business of Life

“they are making this complicated just to make me more confused.”
― Dmitry Dyatlov

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― Warren Buffett, Warren Buffet Partnership Letters 1957-1970