Warren Buffett says

“It's only when the tide goes out that you learn who's been swimming naked.”

—Warren Buffett

More from Warren Buffett

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

—Warren Buffett

“Risk comes from not knowing what you're doing”

—Warren Buffett

“...not doing what we love in the name of greed is very poor management of our lives.”

—Warren Buffett

“A horse that can count to ten is a remarkable horse—not a remarkable mathematician.”

—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

“Regardless of the impact upon immediately reportable earnings, we would rather buy 10% of Wonderful Business T at X per share than 100% of T at 2x per share. Most corporate managers prefer just the reverse.”

—Warren Buffett

“For Buffett, managers are stewards of shareholder capital. The best managers think like owners in making business decisions.”

—Warren Buffett

“If your employees, including your CEO, wish to give to their alma maters or other institutions to which they feel a personal attachment, we believe they should use their own money, not yours.”

—Warren Buffett

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

—Warren Buffett

“The most important investment you can make is in yourself.”

—Warren Buffett