Warren Buffett

In one way, I’m sympathetic to the institutional reluctance to face the music. I’d give a lot to mark my weight to ‘model’ rather than to ‘market.’

Warren Buffett

In other words, the percentage change in book value in any given year is likely to be reasonably close to that year’s change in intrinsic value.

Warren Buffett

In our view, derivatives are financial weapons of mass destruction carrying dangers that, while latent, are potentially lethal.

Warren Buffett

In the financial markets I find it easy to predict what will happen and very difficult to predict when it will happen. I think that things were clear during the bubble as to what would happen eventually.

Warren Buffett

In the great majority of cases we simply do not know enough about the industry or company to come to sensible judgments – in that situation we pass.

Warren Buffett

In the long run managements stressing accounting appearance over economic substance usually achieve little of either.

Warren Buffett

Inactivity strikes us as intelligent behavior.

Warren Buffett

Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life.

Warren Buffett

Investing in a market where people believe in efficiency is like playing bridge with someone who has been told it doesn’t do any good to look at the cards.

Warren Buffett

Investing is not as tough as being a top-notch bridge player. All it takes is the ability to see things as they really are.

Warren Buffett