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Cheers! jrv

"11. Are there other aspects of the business, somewhat peculiar to the industry involved, which will give the investor important clues as to how outstanding the company may be in relation to its competition?"
-- Philip A. Fisher - "One of the Fifteen points to look for in a common stock"

We select our marketable equity securities in much the way we would evaluate a business for acquisition in its entirety. We want businesses to be one (a) that we can understand; (b) with favorable long-term prospects; (c) operated by honest and competent people; and (d) available at a very attractive price.
-- Warren Buffett

"I really like my life. I've arranged my life so that I can do what I want."
-- Warren Buffett



"I just don't see anything available that gives any reasonable hope of delivering such a good year and I have no desire to grope around, hoping to 'get lucky' with other people's money. I am not attuned to this market environment, and I don't want to spoil a decent record by trying to play a game I don't understand just so I can go out a hero."
-- Warren Buffett

If you understand the business, you don't need to own very many of them. If you have a harem of 40 women, you never get to know any of them very well.
-- Warren Buffett

I'll tell you why I like the cigarette business. It costs a penny to make. Sell it for a dollar. It's addictive. And there's fantastic brand loyalty.
-- Warren Buffett

Find out what you really love to do, and then find a way to make a good living doing it.
-- Napoleon Hill

The arithmetic makes it plain that inflation is a far more devastating tax than anything that has been enacted by our legislature. The inflation tax has a fantastic ability to simply consume capital. It makes no difference to a widow with her savings in a 5 percent passbook account whether she pays 100 percent income tax on her interest income during a period of zero inflation or pays no income taxes during years of 5 percent inflation. Either way, she is 'taxed' in a manner that leaves her no real income whatsoever. Any money she spends comes right out of capital. She would find outrageous a 120 percent income tax but doesn't seem to notice that 5 percent inflation is the economic equivalent.
-- Warren Buffett

"The important thing is to keep playing, to play against weak opponents and to play for big stakes."
- Nov. 2002 talking with students at Gaston Hall

The strategy we've adopted precludes our following standard diversification dogma. Many pundits would therefore say the strategy must be riskier than that employed by more conventional investors. We disagree. We believe that a policy of portfolio concentration may well decrease risk if it raises, as it should, both the intensity with which an investor thinks about a business and the comfort-level he must feel with its economic characteristics before buying into it.
- 1993 Chairman's Letter to Shareholders
-- Warren Buffett

Everyone has the brainpower to make money in stocks. Not everyone has the stomach. If you are susceptible to selling everything in a panic, you ought to avoid stocks and stock mutual funds altogether.
-- Peter Lynch

On acquiring bad companies for cheap prices: "In my early days as a manager I, too, dated a few toads. They were cheap dates - I've never been much of a sport - but my results matched those of acquirers who courted higher-price toads. I kissed and they croaked."
-- Warren Buffett

The value of a business is the cash it's going to produce in the future.
-- Warren Buffett

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

What you really want to do in investments is figure out what's important and knowable. If it's unimportant or unknowable you forget about it.
-- Warren Buffett

"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."
-- Warren Buffett

"Working with people who cause your stomach to churn seems much like marrying for money - probably a bad idea under any circumstances, but absolute madness if you are already rich."
-- Warren Buffett

"Investing is the one sphere of life and activity where victory, security and success is always to the minority and never to the majority."
-- John Maynard Keynes