Warren Buffett says

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

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“We trade real estate for technology (which gets cheaper and more capable every year).”

“Warren talks about these discounted cash flows. I’ve never seen him do one.”

“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.”

“Any business plan won’t survive its first encounter with reality. The reality will always be different. It will never be the plan.”

“No business can continue to shrink. That can only go on for so long before irrelevancy sets in.”