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Warren Buffett

Warren Buffett

Warren Edward Buffett (born August 30, 1930) is an American investor, businessman, and philanthropist. He is one of the most successful investors in history, the primary shareholder and CEO of Berkshire Hathaway, and in 2008 was ranked by Forbes as the richest person in the world with an estimated...
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I don't have a problem with guilt about money. The way I see it is that my money represents an enormous number of claim checks on society. It's like I have these little pieces of paper that I can turn into consumption. If I wanted to, I could hire 10,000 people to do nothing but paint my picture every day for the rest of my life. And the GNP would go up. But the utility of the product would be zilch, and I would be keeping those 10,000 people from doing AIDS research, or teaching, or nursing. I don't do that though. I don't use very many of those claim checks. There's nothing material I want very much. And I'm going to give virtually all of those claim checks to charity when my wife and I die.

I don't have a problem with guilt about money. The way I see it is that my money represents an enormous number of claim checks on society. It's like I have these little pieces of paper that I can turn into consumption. If I wanted to, I could hire 10,000 people to do nothing but paint my picture every day for the rest of my life. And the GNP would go up. But the utility of the product would be zilch, and I would be keeping those 10,000 people from doing AIDS research, or teaching, or nursing. I don't do that though. I don't use very many of those claim checks. There's nothing material I want very much. And I'm going to give virtually all of those claim checks to charity when my wife and I die.

Author:

I personally think that society is responsible for a very significant percentage of what I've earned. If you stick me down in the middle of Bangladesh or Peru or someplace, you find out how much this talent is going to produce in the wrong kind of soil... I work in a market system that happens to reward what I do very well - disproportionately well. Mike Tyson, too. If you can knock a guy out in 10 seconds and earn $10 million for it, this world will pay a lot for that. If you can bat .360, this world will pay a lot for that. If you're a marvelous teacher, this world won't pay a lot for it. If you are a terrific nurse, this world will not pay a lot for it. Now, am I going to try to come up with some comparable worth system that somehow (re)distributes that? No, I don't think you can do that. But I do think that when you're treated enormously well by this market system, where in effect the market system showers the ability to buy goods and services on you because of some peculiar talent - maybe your adenoids are a certain way, so you can sing and everybody will pay you enormous sums to be on television or whatever -I think society has a big claim on that.

I personally think that society is responsible for a very significant percentage of what I've earned. If you stick me down in the middle of Bangladesh or Peru or someplace, you find out how much this talent is going to produce in the wrong kind of soil... I work in a market system that happens to reward what I do very well - disproportionately well. Mike Tyson, too. If you can knock a guy out in 10 seconds and earn $10 million for it, this world will pay a lot for that. If you can bat .360, this world will pay a lot for that. If you're a marvelous teacher, this world won't pay a lot for it. If you are a terrific nurse, this world will not pay a lot for it. Now, am I going to try to come up with some comparable worth system that somehow (re)distributes that? No, I don't think you can do that. But I do think that when you're treated enormously well by this market system, where in effect the market system showers the ability to buy goods and services on you because of some peculiar talent - maybe your adenoids are a certain way, so you can sing and everybody will pay you enormous sums to be on television or whatever -I think society has a big claim on that.

Author:

I want to give my kids enough so that they could feel that they could do anything, but not so much that they could do nothing

I want to give my kids enough so that they could feel that they could do anything, but not so much that they could do nothing

Author:

You only have to do a very few things right in your life so long as you don't do too many things wrong.

You only have to do a very few things right in your life so long as you don't do too many things wrong.

Subjects:

QuotationsBook ID:

  • 37589

Author:

Our favorite holding period is forever.

Our favorite holding period is forever.

Subjects:

QuotationsBook ID:

  • 21499

Author:

The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.

The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.

Subjects:

QuotationsBook ID:

  • 36297

Author:

There seems to be some perverse human characteristic that likes to make easy things difficult.

There seems to be some perverse human characteristic that likes to make easy things difficult.

Subjects:

QuotationsBook ID:

  • 19567

Author:

I don't look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.

I don't look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.

Subjects:

QuotationsBook ID:

  • 38747

Author:

Risk comes from not knowing what you're doing.

Risk comes from not knowing what you're doing.

Subjects:

QuotationsBook ID:

  • 34665

Author:

The investor of today does not profit from yesterday's growth.

The investor of today does not profit from yesterday's growth.

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QuotationsBook ID:

  • 29322

Author:

I always knew I was going to be rich. I don't think I ever doubted it for a minute.

I always knew I was going to be rich. I don't think I ever doubted it for a minute.

Subjects:

QuotationsBook ID:

  • 4049

Author:

Someone's sitting in the shade today because someone planted a tree a long time ago.

Someone's sitting in the shade today because someone planted a tree a long time ago.

Subjects:

QuotationsBook ID:

  • 461

Author:

I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.

I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.

Subjects:

QuotationsBook ID:

  • 27001

Author:

It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

Subjects:

QuotationsBook ID:

  • 5085

Author:

If past history was all there was to the game, the richest people would be librarians.

If past history was all there was to the game, the richest people would be librarians.

Subjects:

QuotationsBook ID:

  • 5632

Author:

It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.

It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.

Subjects:

QuotationsBook ID:

  • 34014

Author:

If a business does well, the stock eventually follows.

If a business does well, the stock eventually follows.

Subjects:

QuotationsBook ID:

  • 5084

Author:

When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.

When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.

Subjects:

QuotationsBook ID:

  • 25173

Author:

We enjoy the process far more than the proceeds.

We enjoy the process far more than the proceeds.

Subjects:

QuotationsBook ID:

  • 30589

Author:

Price is what you pay. Value is what you get.

Price is what you pay. Value is what you get.

Subjects:

QuotationsBook ID:

  • 40391

Author:

Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.

Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.

Subjects:

QuotationsBook ID:

  • 27000

Author:

A public opinion poll is no substitute for thought.

A public opinion poll is no substitute for thought.

Subjects:

QuotationsBook ID:

  • 28528

Author:

You do things when the opportunities come along. I've had periods in my life when I've had a bundle of ideas come along, and I've had long dry spells. If I get an idea next week, I'll do something. If not, I won't do a damn thing.

You do things when the opportunities come along. I've had periods in my life when I've had a bundle of ideas come along, and I've had long dry spells. If I get an idea next week, I'll do something. If not, I won't do a damn thing.

Subjects:

QuotationsBook ID:

  • 28652

Author:

Great investment opportunities come around when excellent companies are surrounded by unusual circumstances that cause the stock to be misappraised.

Great investment opportunities come around when excellent companies are surrounded by unusual circumstances that cause the stock to be misappraised.

Subjects:

QuotationsBook ID:

  • 28653

Author:

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