Having first rate people on the team is more important than designing hierarchies and clarifying who reports to whom. Warren Buffett More Quotes by Warren Buffett More Quotes From Warren Buffett I happen to have a talent for allocating capital. But my ability to use that talent is completely dependent on the society I was born into. If I'd been born into a tribe of hunters, this talent of mine would be pretty worthless. I can't run very fast. I'm not particularly strong. I'd probably end up as some wild animal's dinner. Warren Buffett strongrunninganimal 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. Warren Buffett greatest-wealthmoneyyears Why not invest your assets in the companies you really like? As Mae West said, 'Too much of a good thing can be wonderful'. Warren Buffett why-notbusinesssuccess I get to do what I like to do every single day of the year. Warren Buffett buffetsinvestingyears When you're associating with the people that you love, doing what you love, it doesn't get any better than that. Warren Buffett doing-what-you-lovewhat-you-lovepeople If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy. Warren Buffett buffetshourshalf I will do anything that is basically covered by the law to reduce Berkshire's tax rate. For example, on wind energy, we get a tax credit if we build a lot of wind farms. That's the only reason to build them. They don't make sense without the tax credit. Warren Buffett wind-farmsenergylaw My favorite time frame for holding a stock is forever. Warren Buffett my-favoriteforever Well, it may be all right in practice, but it will never work in theory Warren Buffett theorypracticemay When they get their ego involved, people do things they shouldn't do. Warren Buffett investingegopeople Good profits simply are not inconsistent with good behavior. Warren Buffett generositybehaviorlife Our goal is to find an outstanding business at a sensible price, not a mediocre business at a bargain price. Warren Buffett outstandingmediocregoal It's better to build than to buy if you can find the right people. Warren Buffett ifspeople Our policy is to concentrate holdings. We try to avoid buying a little of this or that when we are only lukewarm about the business or its price. When we are convinced as to attractiveness, we believe in buying worthwhile amounts. Warren Buffett investingtryingbelieve An investor will succeed by coupling good business judgment with an ability to insulate his thoughts and behavior from the super-contagious emotions that swirl about the marketplace. Warren Buffett judgmentsucceedemotion The future is never clear; you pay a very high price in the stock market for a cheery consensus. Uncertainty actually is the friend of the buyer of long-term values. Warren Buffett buyerspaylong We say we are trying to buy into businesses with excellent economics, run by honest and able people at a decent price. We buy very few securities, so we look at it as "focused" investing. Warren Buffett runningtryingpeople The approach and strategies are very similar in that you gather all the information you can and then keep adding to that base of information as things develop. You do whatever the probabilities indicated based on the knowledge that you have at that time, but you are always willing to modify your behaviour or your approach as you get new information. In bridge, you behave in a way that gets the best from your partner. And in business, you behave in the way that gets the best from your managers and your employees. Warren Buffett informationbehaviourbridges The problem with commodities is that you are betting on what someone else would pay for them in six months. The commodity itself isn't going to do anything for you....it is an entirely different game to buy a lump of something and hope that somebody else pays you more for that lump two years from now than it is to buy something that you expect to produce income for you over time. Warren Buffett gamestwoyears Consciously paying more for a stock than its calculated value - in the hope that it can soon be sold for a still-higher price - should be labelled speculation Warren Buffett higherspeculationshould
