In democracy, people's verdict is always final and we all have to accept it with humility.
For some reason, people take their cues from price action rather than from values. What doesn't work is when you start doing things that you don't understand or because they worked last week for somebody else. The dumbest reason in the world to buy a stock is because it's going up.
What we learn from history is that people don't learn from history.
We've seen what about 50% of our human capacity can accomplish. Visualize what 100% can do.
The big question about how people behave is whether they've got an Inner Scorecard or an Outer Scorecard. It helps if you can be satisfied with an Inner Scorecard.
In the end, alchemy, whether it is metallurgical or financial, fails. A base business can not be transformed into a golden business by tricks of accounting or capital structure. The man claiming to be a financial alchemist may become rich. But gullible investors rather than business achievements wil
I asked him what he wanted to do for his career, and he replied that he wanted to go into a particular field, but thought he should work for McKinsey for a few years first to add to his resume. To me that's like saving sex for your old age. It makes no sense.
Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years.
Trust is like the air we breathe--when it's present, nobody really notices; when it's absent, everybody notices.
You don't ever ask a barber whether you need a haircut.
It's nice to have a lot of money, but you know, you don't want to keep it around forever. I prefer buying things. Otherwise, it's a little like saving sex for your old age.
There are three kinds of people: 1. Innovators. 2. Imitators. 3. Idiots.
A diamond cannot be polished without friction, nor a person perfected without trials. Someone is enjoying shade today because someone planted a tree a long time ago.
You could take all the gold that's ever been mined, and it would fill a cube 67 feet in each direction. For what that's worth at current gold prices, you could buy all -- not some -- all of the farmland in the United States. Plus, you could buy 10 Exxon Mobils, plus have $1 trillion of walking-aroun
The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.
You should invest like a Catholic marries: for life.
At age 19, I read a book [The Intelligent Investor] and what I'm doing today, at age 76, is running things through the same thought process I learned from the book I read at 19.
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.
I don't want to be on the other side of the table from the customer. I was never selling anything that I didn't believe in myself or use myself.
I really like my life. I've arranged my life so that I can do what I want.
An IPO is like a negotiated transaction - the seller chooses when to come public - and it's unlikely to be a time that's favourable to you.