Warren Buffett


Last quote by Warren Buffett

If a statue is ever erected to honor the person who has done the most for American investors, the hands down choice should be Jack Bogle.
Mar 21 2017
We can learn a lot about a person if we know what types of things he or she talks about or comments on the most frequently. There are numerous topics with which Warren Buffett is associated, including James, Muhtar, and success. Most recently, Warren Buffett has been quoted saying: “He told me he almost didn't fill out a bracket, so he wasn't upset. He told me it will help pay off some of his bills. The odds are that we'll eventually give away that $1 million. We like doing it because we often act as separate companies and this brings us all together.” in the article Factory worker falls 1 pick short of $1M prize.
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Warren Buffett quotes

It's a remarkable achievement. It's a story that should inspire people in China and inspire people around the world. I have told that story to many people here in the United States and they marvel at what Dalian Trends has achieved over just these 30 years.

She had started with a sewing machine. And she employed 15,000 people. And she was a marvelous woman.

Will there be another deal at Kraft Heinz someday? My guess is yes, but who knows when ... it would have to be friendly and frankly, the prices in that field make it very, very, very tough to make an intelligent deal. Alex took it as a maybe and gave this letter outlining a deal to Unilever. Once the three of us learned that it was regarded as unfriendly, we had no intention of making one and I think the Unilever people understand that now.

It will do better on balance than what they will get if they go to professionals. Because the professionals, after fees, don't know how to get a better result.

Two and 20 is going to make a lot of people rich, and it's going to make very few investors rich. You don't get better because you charge a lot. That does not make you a better judge of securities or anything like that.

The idea of committing your money at roughly 3 percent for 30 years ... doesn't make any sense to me.

They have developed an online presence that people will pay for. If you look, there are 1,300 daily newspapers left in the United States. (Berkshire Hathaway has) 31 of them. There were 1,700 or 1,800 not too long ago. Now, you've got the internet. Aside from the ones I mentioned, 1,400 or 1,300 of them haven't figured out a way to make the digital model complement the print model.

After that Friday, I got a call indicating that the offer was unwelcomed. It became very apparent that Unilever did not want this offer.

We also have a prize of $100,000 for whoever goes the furthest. Last year, we had two fellows that tied. One of them knew a lot about basketball; the other didn't know anything about basketball, but they each got $50,000 out of it.

My guess is that they will find doing something really comprehensive will be too difficult. If you want to be revenue neutral without the craziest dynamic scoring in the world ... it's going to be very, very tough.

That is the No. 1 of the chief executive of the United States. And that's not an easy job.

I don't worry at all about whether somebody comes from the oil industry or if they have a lot of money.

Probably half the time [in] my adult life, I've had a president other than the one I voted for. But that's never taken me out of stocks. Tillerson makes a lot of sense. Tillerson is going to be working for the United States in that job.

It's true that the airlines had a bad 20th century. They're like the Chicago Cubs. And they got that bad century out of the way, I hope. We'll save that (conversation) for after the show. I think there have been almost 100 airline bankruptcies. I mean, that is a lot. It's been a disaster for capital.

It's the same metric I use for buying any asset. There's no special trick in the valuation. There can be a problem in figuring out what's inside the bank. Otherwise, I'm just looking at it like it's Coca-Cola or American Express.

Many companies, of course, will fall behind, and some will fail. Winnowing of that sort is a product of market dynamism. Moreover, the years ahead will occasionally deliver major market declines – even panics – that will affect virtually all stocks. No one can tell you when these traumas will occur – not me, not Charlie [Munger], not economists, not the media.

Clayton and Berkshire have been a wonderful partnership. Kevin Clayton came to us with a best-in-class management group and culture. Berkshire, in turn, provided unmatched staying power when the manufactured home industry fell apart during the Great Recession.

As the subject of repurchases has come to a boil, some people have come close to calling them un-American –characterizing them as corporate misdeeds that divert funds needed for productive endeavors. That simply isn't the case: Both American corporations and private investors are today awash in funds looking to be sensibly deployed. I'm not aware of any enticing project that in recent years has died for lack of capital.

Our buying out 'partners' at a discount is not a particularly gratifying way of making money. Still, market circumstances could create a situation in which repurchases would benefit both continuing and exiting shareholders. If so, we will be ready to act. To tell owners year after year, Don't count this,' when management is simply making business adjustments that are necessary, is misleading. And too many analysts and journalists fall for this baloney.

If 1,000 managers make a market prediction at the beginning of a year, it's very likely that the calls of at least one will be correct for nine consecutive years. Of course, 1,000 monkeys would be just as likely to produce a seemingly all-wise prophet. But there would remain a difference: The lucky monkey would not find people standing in line to invest with him.

The results for their investors were dismal – really dismal. And, alas, the huge fixed fees charged by all of the funds and funds-of-funds involved – fees that were totally unwarranted by performance – were such that their managers were showered with compensation over the nine years that have passed. As Gordon Gekko might have put it: 'Fees never sleep'. Further complicating the search for the rare high-fee manager who is worth his or her pay is the fact that some investment professionals, just as some amateurs, will be lucky over short periods.

A few, however – these are serious blunders I made in my job of capital allocation – produce very poor returns. In most cases, I was wrong when I originally sized up the economic characteristics of these companies or the industries in which they operate, and we are now paying the price for my misjudgments. In a couple of instances, I stumbled in assessing either the fidelity or ability of incumbent managers or ones I later put in place.

The MidAmerican cash purchase – I was learning – firmly launched us on our present course of (1) continuing to build our insurance operation; (2) energetically acquiring large and diversified non-insurance businesses and (3) largely making our deals from internally-generated cash. Today, I would rather prep for a colonoscopy than issue Berkshire shares. I will commit more errors; you can count on that. Fortunately, Charlie – never bashful – is around to say 'no' to my worst ideas.

I'll repeat what I've both said in the past and expect to say in future years: Babies born in America today are the luckiest crop in history. The bottom line: When trillions of dollars are managed by Wall Streeters charging high fees, it will usually be the managers who reap outsized profits, not the clients. Both large and small investors should stick with low-cost index funds.

My life couldn't be happier. In fact, it'd be worse if I had six or eight houses. So, I have everything I need to have, and I don't need any more.

Defining what your game is – where you're going to have an edge – is enormously important.

You will move in the direction of the people that you associate with. It's important to associate with people that are better than yourself.

You want to associate with people who are the kind of person you'd like to be.

I'm one quarter Coca-Cola. If I eat 2700 calories a day, a quarter of that is Coca-Cola. I drink at least five 12-ounce servings. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.

If we were here in 1800 and conducting this, somebody would point out that eventually tractors would come along and better fertilizer and that 80 percent of the people are now employed on the farm and in couple hundred years it is going to be 2 or 3 percent, and what are we going to do with all these people? Well, the answer is we released them. Everything should be devoted initially to getting greater productivity. But people who fall by the wayside, through no fault of their own, as the goose lays more golden eggs, should still get a chance to participate in that prosperity.

The idea of more output per capita – which is what the progress is made on productivity – that that should be harmful to society is crazy. If one person could push a button and turn out everything we turn out now, is that good for the world or bad for the world? You would free up all kinds of possibilities for everything else.

We find the world just such an interesting place, so we like to compare notes.

If he waited for the pitch that was really in his sweet spot, he would bat .400. If he had to swing at something on the lower corner, he would probably bat .235. The trick in investing is just to sit there and watch pitch after pitch go by and wait for the one right in your sweet spot. And if people are yelling, Swing, you bum!,' ignore them.

You don't have to be an expert on every company, or even many. You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important; knowing its boundaries, however, is vital.

If you aren't willing to own a stock for 10 years, don't even think about owning it for 10 minutes.

I knew what everybody thought and all of that at an early age, but what Graham wrote made sense. I just happened to pick up that book up at a bookstore in Lincoln, Nebraska. I certainly wasn't going to be a pro football player. It was a question of zeroing out all the other incompetencies, and I was left with one thing.

Rule number one: Never lose money. Rule number two: Never forget rule number one.

Ben was this incredible teacher. He was a natural and he drew us all in. It was like learning baseball from a fella who was batting .400. It shaped my professional life.

We don't break up packs of gum – I mean, I've got my principles. I still, to this day, remember Mrs. Macoubrie saying she wanted one stick. They were a nickel and she wanted to spend a penny with me. It was awful; people would spit on the floor. But we had great fun. If I found any winning tickets, my aunt Alice would cash them in for us, because they wouldn't cash them for kids.

I bought this old pinball machine for $25 and we can have a partnership.

I'd committed the worst sin, which is that you get behind and think you've got to break even that day. It was the last time I ever did anything like that.

He probably got them the way we first tried to get them, out of water traps, only he was better.

$3.17 is a bacon, egg and cheese biscuit, but the market's down this morning, so I'll pass up the $3.17 and go with the $2.95.

I had fun when I was in my twenties, my thirties, and now I am 86 and I am having fun.

It's a very strange thing, love. If you try to give it out, you get more back. If you try to hang onto it, you lose it.

There will be hiccups from time to time in the economy. [But] we'll do well over time.

This is a story about my dad and my first wife, and also about my second wife, who all really put me together, saved me. So I think people will see a different side of me than they've seen before.

In my entire lifetime, everything that I've spent will be quite a bit less than 1 percent of everything I make. The other 99 percent plus will go to others because it has no utility to me. So it's silly for me to not transfer that utility to people who can use it.

I know James and like him, and believe the company has made a smart investment in its future with his selection.

Rick lived and breathed Fruit of the Loom, and he was an inspirational leader to everyone associated with the company.

It also provides what I call an anchor tenant in this industry and our stock.

I'd feel terrible if the story the next day was why wasn't Southwest included, and he didn't know we bought it for three months.

He was very good at licensing and promotion. He understands business, but he's obviously better at licensing and marketing.

That doesn't mean they can't criticize him or disagree with what he's doing maybe, but we need a country unified [behind] the legitimacy of the president.

The stock market will be higher 10, 20, 30 years from now. It would have been with Hillary, and it ... will be with Trump.

The stock market will be higher 10, 20, 30 years from now, and it would have been with Hillary, and it ... will be with Trump. 100 percent. ... The market system works. It doesn't work for everybody. It works in aggregate.

It was a dumb incentive system, which when they found out it was dumb, they didn't do anything about it.

I don't know the exact words, but I said I don't think you understand the gravity of this.

Neither would Mr. Trump – at least he would have no legal problem.

I have paid federal income tax every year since 1944, when I was 13. (Though, being a slow starter, I owed only $7 in tax that year.) I have copies of all 72 of my returns and none uses a carryforward.

In the next 10 years, the company loses money every year, every single year, and he takes out $44 million in compensation during that period. In 1995, when he offered this company, if a monkey had thrown a dart, at the stock page, the monkey on average would've made 150 percent. But the people that believed in him, who listened to his siren song, ended up losing well over 90 cents on the dollar. They got back less than a dime.

I will take at least 10 people to the polls who would otherwise have difficulty getting there. He had reserved a 32-seat trolley for the day with a goal of getting the highest-percentage turnout of any congressional district in the country.

How in the world can you stand up to a couple of parents who lost a son and talk about sacrificing because you were building a bunch of buildings?

I pledge today that on Election Day, Nov. 8, I will take at least 10 people to the polls who would otherwise have difficulty getting there.

Jamie gave me [and others] a call ... probably a little more than a year ago, and suggested we get together and see if we could come together on some general principles for corporate governance that might help show a pathway to the future.

We also have a provision that in the event of any kind of a corporate transaction, the 'A' stock cannot be treated differently than the 'B' stock. I think that's important and we put that in our paper.

[Earnings] guidance can lead to a lot of malpractice. I've seen guidance produce some bad results.

We welcome other views on it. These did not come down on a tablet from the mountain.

Railroad carloadings industrywide fell "significantly" in the first quarter, and "almost certainly will continue to be down the balance of the year.

I would've been amazed if it hadn't come from the top. Pearson … he certainly seemed like the sort of person who forged all important policies on the company. It was an important policy to jack up prices dramatically, unbelievably almost, for certain drugs that people really don't have a substitute for.

I elect to get my 2,600 or 2,700 calories a day from things that make me feel good when I eat them. That's my sole test. I like fudge a lot. Peanut brittle. I am a very, very, very happy guy.

Mark Donegan is an extraordinary manager. I would almost rank Mark as one of a kind.

I don't think you'll necessarily see the same trends this year.

Railroad carloading throughout the industry – all of the major railroads – were down significantly in the first quarter, and probably almost certainly will continue to be down for the balance of the year.

I elect to get my 2,600 or 2,700 calories a day from thingsthat me feel good when I eat them.

For 240 years it's been a terrible mistake to bet against America, and now is no time to start. The babies being born in America today are the luckiest crop in history.

It seems highly likely to me that climate change poses a major problem for the planet. But when you are thinking only as a shareholder of a major insurer, climate change should not be on your list of worries.

All families in my upper middle-class neighborhood regularly enjoy a living standard better than that achieved by John D. Rockefeller Sr. at the time of my birth.

It will take some time to rebuild. But it will not change the economic future of Japan.

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