Warren Buffett quotes: on investing, stocks, taxes and more.
“Price is what you pay, value is what you get.”
“Someone’s sitting in the shade today because someone planted a tree a long time ago.”
“If you aren’t willing to own a stock for 10 years, don’t even think about owning it for 10 minutes.”
“Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.”
“If anything, taxes for the lower and middle class and maybe even the upper middle class should even probably be cut further. But I think that people at the high end – people like myself – should be paying a lot more in taxes. We have it better than we’ve ever had it.”
“In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.”
“We enjoy the process far more than the proceeds.”
“The only way to get love is to be lovable. It’s very irritating if you have a lot of money. You’d like to think you could write a check: ‘I’ll buy a million dollars’ worth of love.’ But it doesn’t work that way. The more you give love away, the more you get.”
“I am a huge bull on this country. We will not have a double-dip recession at all. I see our businesses coming back almost across the board.”
“I think the most important factor in getting out of the recession actually is just the regenerative capacity of American capitalism.”
“You know, people talk about this being an uncertain time. You know, all time is uncertain. I mean, it was uncertain back in – in 2007, we just didn’t know it was uncertain. It was – uncertain on September 10th, 2001. It was uncertain on October 18th, 1987, you just didn’t know it.”
“The only time to buy these is on a day with no ‘y’ in it.”
“I always knew I was going to be rich. I don’t think I ever doubted it for a minute.”
“Economic medicine that was previously meted out by the cupful has recently been dispensed by the barrel. These once unthinkable dosages will almost certainly bring on unwelcome after-effects. Their precise nature is anyone’s guess, though one likely consequence is an onslaught of inflation.”
“The most important quality for an investor is temperament, not intellect.”
“Never invest in a business you cannot understand.”
“The smarter the journalists are, the better off society is. For to a degree, people read the press to inform themselves – and the better the teacher, the better the student body.”
“Risk comes from not knowing what you are doing.”
“I think that both parties should declare the debt limit as a political weapon of mass destruction which can’t be used. I mean, it is silly to have a country that has 237 years building up its reputation and then have people threaten to tear it down because they’re not getting some other matter.”
“I sent one e-mail in my life. I sent it to Jeff Raikes at Microsoft, and it ended up in court in Minneapolis, so I am one for one.”
“The best chance to deploy capital is when things are going down.”
“Never depend on a single income. Make an investment to create a second source.”
“No matter how great the talent or efforts, some things just take time. You can’t produce a baby in one month by getting nine women pregnant.”
“We believe that according to the name ‘investors’ to institutions that trade actively is like calling someone who repeatedly engages in one-night stands a ‘romantic.'”
“I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful.”
“Today people who hold cash equivalents feel comfortable. They shouldn’t. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value.”
“Your premium brand had better be delivering something special, or it’s not going to get the business.”
“I just think that – when a country needs more income and we do, we’re only taking in 15 percent of GDP, I mean, that – that – when a country needs more income, they should get it from the people that have it.”
“Risk is a part of God’s game, alike for men and nations.”
“The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.”
“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.”
“It’s far better to buy a wonderful company at a fair price, than a fair company at a wonderful price.”
“I am quite serious when I say that I do not believe there are, on the whole earth besides, so many intensified bores as in these United States. No man can form an adequate idea of the real meaning of the word, without coming here.”
“When you combine ignorance and leverage, you get some pretty interesting results.”
“Don’t pass up something that’s attractive today because you think you will find something better tomorrow.”
“Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.”
“We never want to count on the kindness of strangers in order to meet tomorrow’s obligations. When forced to choose, I will not trade even a night’s sleep for the chance of extra profits.”
“I bought a company in the mid-’90s called Dexter Shoe and paid $400 million for it. And it went to zero. And I gave about $400 million worth of Berkshire stock, which is probably now worth $400 billion. But I’ve made lots of dumb decisions. That’s part of the game.”
“Risk is a part of God’s game, alike for men and nations.”
“You have no ability, if you’re a financial institution and you’re threatened with criminal prosecution, you have no ability to negotiate.”
“It’s never paid to bet against America. We come through things, but it’s not always a smooth ride.”
“Why not invest your assets in the companies you really like? As Mae West said, ‘Too much of a good thing can be wonderful.'”
“The first rule is not to lose. The second rule is not to forget the first rule.”
“Beware of geeks bearing formulas.”
“The only time to buy these is on a day with no ‘y’ in it.”
“Americans are in a cycle of fear which leads to people not wanting to spend and not wanting to make investments, and that leads to more fear. We’ll break out of it. It takes time.”
“The only thing that is standing in your way is yourself.”
“I would say the most satisfying thing actually is watching my three children each pick up on their own interests and work many more hours per week than most people that have jobs at trying to intelligently give away that money in fields that they particularly care about.”
“There are 309 million people out there that are trying to improve their lot in life. And we’ve got a system that allows them to do it.”
“Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.”
“Our favorite holding period is forever.”
“I am a huge bull on this country. We will not have a double-dip recession at all. I see our businesses coming back almost across the board.”
“You know, people talk about this being an uncertain time. You know, all time is uncertain. I mean, it was uncertain back in – in 2007, we just didn’t know it was uncertain. It was – uncertain on September 10th, 2001. It was uncertain on October 18th, 1987, you just didn’t know it.”
“If you put 100 black ants and 100 red ants in a jar, nothing will happen. But if you shake the jar, ants will start killing each other. Red ants will believe black is the enemy, while blacks believe red is the enemy. But the real enemy is the person who shook the jar. The same is true in our society. Before we start to fight each other, we must ask ourselves: who shook the jar?
“Believe in your heart and soul that you’re capable of big things in your life.”
“The most important investment you can make is in yourself.”
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