Quotes from Warren Buffett

Investment students need only two well-taught courses - How to Value a Business and How to Think About Market Prices

The reaction of weak management to weak operations is often weak accounting.

I am a better investor because I am a businessman, and a better businessman because I am no investor.

Buy companies with strong histories of profitability and with a dominant business franchise.

Things you like to do should be a hobby of yours, but things the world does should be a business of yours.

The first rule is not to lose. The second rule is not to forget the first rule.

John Maynard Keynes essentially said, don't try and figure out what the market is doing. Figure out a business you understand, and concentrate.

When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.

A pack of lemmings looks like a group of rugged individualists compared with Wall Street when it gets a concept in its teeth.

A great investment opportunity occurs when a marvelous business encounters a one-time huge, but solvable problem.

Buy a business, don't rent stocks.

We do not view the company itself as the ultimate owner of our business assets but instead view the company as a conduit through which our shareholders own assets.

I'd rather have a $10 million business making 15 per cent than a $100 million business making 5 per cent.

In the long run managements stressing accounting appearance over economic substance usually achieve little of either.

If you want your business to survive for 100 years, you've got to make it through every single day for 100 years. It's not enough to do it 99.9% of the time.

Basically, the single-most important decision in evaluating a business is pricing power.

You should invest in a business that even a fool can run, because someday a fool will.

The critical investment factor is determining the intrinsic value of a business and paying a fair or bargain price.

Earnings can be pliable as putty when a charlatan heads the company reporting them.

We've had public companies in the past in that business and they bleed. We've got a lot more blood than they do.

The real fortunes in this country have been made by people who have been right about the business they invested in, and not right about the timing of the stock market.

You should look at stocks as small pieces of business.

If we start deciding, based on guesses or emotions, whether we will or won't participate in a business where we should have some long run edge, we're in trouble.

In a commodity business, it's very hard to be smarter than your dumbest competitor.