Warren Buffett says
“If you buy things you don't need, soon you will have to sell things you need.”
“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.”
“I think that, every time you see the word EBITDA, you should substitute the words "bullshit earnings".”
“If you’re long-term oriented, customer interests and shareholder interests are aligned.”
“Any business plan won’t survive its first encounter with reality. The reality will always be different. It will never be the plan.”
“We both insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think. So Warren and I do more reading and thinking and less doing than most people in business.”
