Warren Buffett: Life is like a snowball. The important thing is finding wet snow and a really long hill.

“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

“It is better to be approximately right than precisely wrong.”

—Warren Buffett

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

—Warren Buffett

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

—Warren Buffett

“Managers who want to expand their domain at the expense of owners might better consider a career in government.”

—Warren Buffett

“If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes.”

—Warren Buffett

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

—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

“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.”

—Charlie Munger

“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

“In the business world, the rearview mirror is always clearer than the windshield.”

—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

“Loss of focus is what most worries Charlie and me when we contemplate investing in businesses that in general look outstanding. All too often, we’ve seen value stagnate in the presence of hubris or of boredom that caused the attention of managers to wander.”

—Warren Buffett

“Cash combined with courage in a time of crisis is priceless.”

—Warren Buffett

“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

Warren Buffett says

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