Warren Buffett says

“What the wise do in the beginning, fools do in the end.”

—Warren Buffett

More from Warren Buffett

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

—Warren Buffett

“Can you imagine any public company embracing a business model that would lead to the decline in revenue that we experienced from 1986 through 1999?”

—Warren Buffett

“If each of us hires people who are smaller than we are, we shall become a company of dwarfs. But, if each of us hires people who are bigger than we are, we shall become a company of giants.”

—Warren Buffett

“Games are won by players who focus on the playing field – not by those whose eyes are glued to the scoreboard.”

—Warren Buffett

“You will continue to suffer if you have an emotional reaction to everything that is said to you. True power is sitting back and observing things with magic. True power is restraint. If words control you that means everyone else can control you. Breathe and allow things to pass.”

—Warren Buffett

“Alas, my “fiddle playing” will not get me to Carnegie Hall — or even to a high school recital. Berkshire, on your behalf and mine, will send the Treasury $3.3 billion for tax on its 2003 income, a sum equaling 2½% of the total income tax paid by all U.S. corporations in fiscal 2003.”

—Warren Buffett

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

—Warren Buffett

“Honesty is a very expensive gift, Don't expect it from cheap people.”

—Warren Buffett

“our experience with newly-minted MBAs has not been that great. Their academic records always look terrific and the candidates always know just what to say; but too often they are short on personal commitment to the company and general business savvy. It’s difficult to teach a new dog old tricks.”

—Warren Buffett

“Investors should be skeptical of history-based models. Constructed by a nerdy-sounding priesthood using esoteric terms such as beta, gamma, sigma and the like, these models tend to look impressive. Too often, though, investors forget to examine the assumptions behind the models. Beware of geeks bearing formulas.”

—Warren Buffett