Warren Buffett says

“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

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Quotes on Investing Warren Buffett on Investing

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“Wide diversification is only required when investors do not understand what they are doing.”

—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

“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

“The year 2015 marks the fiftieth anniversary of Berkshire Hathaway under Warren Buffett's leadership, a milestone worth commemorating. The tenure sets a record”

—Warren Buffett

“Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.”

—Warren Buffett

“Only when the tide goes out do you discover who's been swimming naked.”

—Warren Buffett

“What the wise man does in the beginning, the fool does in the end.”

—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

“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

“Never depend on single income. Make investment to create a second source.”

—Warren Buffett

“For investors as a whole, returns decrease as motion increases.”

—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

“If you buy things you do not need, soon you will have to sell things you need.”

—Warren Buffett

“It is not greed that drives the world but envy.”

—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