Warren Buffett Quotes
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401. “Market prices for stocks fluctuate at great amplitudes around intrinsic value but, over the long term, intrinsic value is virtually always reflected at some point in market price.”

— Warren Buffett

402. “Investors making purchases in an overheated market need to recognize that it may often take an extended period for the value of even an outstanding company to catch up with the price they paid.”

— Warren Buffett

403. “You will be right, over the course of many transactions, if your hypotheses are correct, your facts are correct, and your reasoning is correct. True conservatism is only possible through knowledge and reason.”

— Warren Buffett

404. “Although we deal with probabilities and expectations, the actual results can deviate substantially from such expectations, particularly on a short-term basis.”

— Warren Buffett

405. “I am not in the business of predicting general stock market of business fluctuations. If you think I can do this, or think it is essential to an investment program, you should not be in the partnership.”

— Warren Buffett

406. “I want to be able to explain my mistakes. This means I do only the things I completely understand.”

— Warren Buffett

407. “Good profits simply are not inconsistent with good behavior.”

— Warren Buffett

408. “When they get their ego involved, people do things they shouldn’t do.”

— Warren Buffett

409. “We’re perfectly willing to trade away a big payoff for a certain payoff.”

— Warren Buffett

410. “I knew a lot about what I did when I was 20. I had read a lot, and I aspired to learn everything I could about the subject.”

— Warren Buffett

411. “Long ago, Ben Graham taught me that.”

— Warren Buffett

412. “You can’t stand to see your neighbor getting rich. You know you’re smarter than he is and he’s doing these things and he’s getting rich.”

— Warren Buffett

413. “There are certain things that cannot be adequately explained to a virgin either by words or pictures.”

— Warren Buffett

414. “Managers that always promise to ‘make the numbers’ will at some point be tempted to make up the numbers.”

— Warren Buffett

415. “Buy a cross section of American industry, and if a cross section of American industry doesn’t work, certainly trying to pick the little beauties here and there isn’t going to work either.”

— Warren Buffett

416. “The purpose of life is to be loved by as many people as possible among those you want to have love you.”

— Warren Buffett

417. “I’m just lucky to have been in the right place at the right time. Another place, another time, I wouldn’t have been as successful. Society enabled me to make my money and my money should go to society.”

— Warren Buffett

418. “I have a wonderful family. I have a job that I love and wonderful people who help me with it. It can’t get any better than that.”

— Warren Buffett

419. “With enough insider information and a million dollars, you can go broke in a year.”

— Warren Buffett

420. “Fear is the foe of the faddist, but the friend of the fundamentalist.”

— Warren Buffett

421. “If I subscribed to the efficient market theory I would still be delivering papers.”

— Warren Buffett

422. “Success is having people love you that you want to have love you.”

— Warren Buffett

423. “I buy expensive suits. They just look cheap on me.”

— Warren Buffett

424. “I have a house that I bought 55 years ago. It’s warm in the winter; it’s cool in the summer. It has everything I wanted, plus it has all kinds of good memories. Like my kids, I have good thoughts about that. I can’t imagine living any better.”

— Warren Buffett

425. “During inflation, Goodwill is the gift that keeps on giving.”

— Warren Buffett

426. “If you hit a hole in one every hole, you wouldn’t play golf for very long.”

— Warren Buffett

427. “Money will always flow toward opportunity, and there is an abundance of that in America.”

— Warren Buffett

428. “You don’t need to be an expert in order to achieve satisfactory investment returns. But if you aren’t, you must recognize your limitations and follow a course certain to work reasonably well. Keep things simple and don’t swing for the fences.”

— Warren Buffett

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

— Warren Buffett

430. “If horses had controlled investment decisions, there would have been no auto industry.”

— Warren Buffett

431. “In other words, the percentage change in book value in any given year is likely to be reasonably close to that year’s change in intrinsic value.”

— Warren Buffett

432. “It takes 150 years to build an investment bank and only five minutes to convince you to sell me preferred stock in it at a 10% interest rate.”

— Warren Buffett

433. “Too often, a vast collection of possessions ends up possessing its owner. The asset I most value, aside from health, is interesting, diverse, and long-standing friends.”

— Warren Buffett

434. “Our stay-put behavior reflects our view that the stock market serves as a relocation center at which money is moved from the active to the patient.”

— Warren Buffett

435. “I wouldn’t mind going to jail if I had three cellmates who played bridge.”

— Warren Buffett

436. “I put heavy weight on certainty. It’s not risky to buy securities at a fraction of what they’re worth.”

— Warren Buffett

437. “Our leaders have asked for ‘shared sacrifice.’ But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.”

— Warren Buffett

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

— Warren Buffett

439. “If principles can become dated, they’re not principles.”

— Warren Buffett

440. “It’s us fun being a gorse when the tractor comes along, or the blacksmith when the car comes along.”

— Warren Buffett

441. “We also believe candour benefits us as managers. The CEO who misleads often in public eventually misleads himself in private.”

— Warren Buffett

442. “The rich are always going to say that, you know, just give us more money and we’ll go out and spend more and then it will all trickle down to the rest of you. But that has not worked the last 10 years, and I hope the American public is catching on.”

— Warren Buffett

443. “Fund consultants like to require style boxes such as “long-short,” “macro,” “international equities.” At Berkshire our only style box is “smart.””

— Warren Buffett

444. “When bills come due, only cash is legal tender. Don’t leave home without it.”

— Warren Buffett

445. “Managers thinking about accounting issues should never forget one of Abraham Lincoln’s favorite riddles: How many legs does a dog have, if you call a tail a leg? The answer: Four, because calling a tail a leg doesn’t make it a leg.”

— Warren Buffett

446. “A CEO’s behavior has a huge impact on managers down the line.”

— Warren Buffett

447. “There is no substitute for a local newspaper that is doing its job.”

— Warren Buffett

448. “Unfortunately, the hangover may prove to be proportional to the binge.”

— Warren Buffett

449. “The market system rewards me outlandishly for what I do, but that doesn’t mean I’m any more deserving of a good life than a teacher or a doctor or someone who fights in Afghanistan.”

— Warren Buffett

450. “If I taught a class, on my final exam I would take an Internet company and ask, ‘How much is this company worth?’ Anyone who would answer, I would flunk.”

— Warren Buffett