Warren Buffett says

“A good business is not always a good purchase - although it's a good place to look for one.”

—Warren Buffett

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Quotes on Investing Warren Buffett on Investing

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“You do not need to be terrifically smart to do well as an investor at all.”

—Warren Buffett

“Derivatives are like sex. It's not who we're sleeping with, it's who they're sleeping with that's the problem.”

—Warren Buffett

“The Great Bubble ended on March 10, 2000 (though we didn’t realize that fact until some months later). On that day, the NASDAQ (recently 1,731) hit its all-time high of 5,132. That same day, Berkshire shares traded at $40,800, their lowest price since mid-1997.”

—Warren Buffett

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

—Warren Buffett

“In the 54 years (Charlie Munger and I) have worked together, we have never forgone an attractive purchase because of the macro or political environment, or the views of other people. In fact, these subjects never come up when we make decisions.”

—Warren Buffett

“I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful”

—Warren Buffett

“There is no tougher job in corporate America than running an airline: Despite the huge amounts of equity capital that have been injected into it, the industry, in aggregate, has posted a net loss since its birth after Kitty Hawk. Airline managers need brains, guts, and experience—and”

—Warren Buffett

“It takes character to sit with all that cash and to do nothing. I didn't get top where I am by going after mediocre opportunities.”

—Charlie Munger

“Gold gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.”

—Warren Buffett

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

—Warren Buffett

“My favourite holding period is forever”

—Warren Buffett

“Why focus on cash flows? Because a share of stock is a share of a company’s future cash flows, and, as a result, cash flows more than any other single variable seem to do the best job of explaining a company’s stock price over the long term.”

“A small chance of distress or disgrace cannot, in our view, be offset by a large chance of extra returns.”

—Warren Buffett

“From this irritating reality comes The First Law of Corporate Survival for ambitious CEOs who pile on leverage and run large and unfathomable derivatives books: Modest incompetence simply won’t do; it’s mindboggling screw-ups that are required.”

—Warren Buffett

“The only time to buy these is on a day with no 'y' in it.”

—Warren Buffett