Warren Buffett says

“If options aren't a form of compensation, what are they? If compensation isn't an expense, what is it? And, if expenses shouldn't go into the calculation of earnings, where in the world should they go?”

—Warren Buffett

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Quotes on Investing Warren Buffett on Investing

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“If you buy things you don't need, soon you will have to sell things you need.”

—Warren Buffett

“There's never just one cockroach in the kitchen.”

—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

“Don’t ask the barber whether you need a haircut.”

—Warren Buffett

“The best investment you can make is in yourself.”

—Warren Buffett

“Despite our policy of candor, we will discuss our activities in marketable securities only to the extent legally required. Good investment ideas are rare, valuable and subject to competitive appropriation just as good product or business acquisition ideas are.”

—Warren Buffett

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

—Warren Buffett

“Buy a stock the way you would buy a house. Understand and like it such that you’d be content to own it in the absence of any market.”

—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

“I think that, every time you see the word EBITDA, you should substitute the words "bullshit earnings".”

—Charlie Munger

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

—Warren Buffett

“Some time ago Ken Galbraith, in his witty and insightful The Great Crash, coined a new economic term: “the bezzle,” defined as the current amount of undiscovered embezzlement. This financial creature has a magical quality: The embezzlers are richer by the amount of the bezzle, while the embezzlees do not yet feel poorer.”

—Warren Buffett

“For these investors, it would have been far better if Orville had failed to get off the ground at Kitty Hawk: The more the industry has grown, the worse the disaster for owners.”

—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

“Stocks of companies selling commodity-like products should come with a warning label: “Competition may prove hazardous to human wealth.“”

—Warren Buffett