Warren Buffett quotes - page 12
I wouldn't mind going to jail if I had three cellmates who played bridge. ... The approach and strategies [of bridge and stock investing] are very similar. In the stock market you do not base your decisions on what the market is doing, but on what you think is rational. With bridge, you need to adhere to a disciplined bidding system. While there is no one best system, there is one that works best for you. Once you choose a system, you need to stick with it.
Warren Buffett
Tom [Knapp] was a chemistry major at Princeton before the war; when he came back... he was a beach bum. And then one day he read that Dave Dodd was giving a night course in investments at Columbia. Tom took it on a non-credit basis, and he got so interested... that he enrolled at Columbia Business School where he got the MBA... He took Dodd's course again, and took Ben Graham's course. ...35 years later ...I found him on the beach ...he owns the beach!
Warren Buffett
When the price of a stock can be influenced by a "herd" on Wall Street with prices set at the margin by the most emotional person, or the greediest person, or the most depressed person, it is hard to argue that the market always prices rationally. In fact, market prices are often nonsensical.
Warren Buffett
Buffett does not believe that it is wise to bequeath great wealth and plans to give most of his money to his charitable foundation. ... Buffett is not cutting his children out of his fortune because they are wastrels or wantons or refuse to go into the family business - the traditional reasons rich parents withhold money. Says he: "My kids are going to carve out their own place in this world, and they know I'm for them whatever they want to do." But he believes that setting up his heirs with "a lifetime supply of food stamps just because they came out of the right womb" can be "harmful" for them and is "an antisocial act." To him the perfect amount to leave children is "enough money so that they would feel they could do anything, but not so much that they could do nothing." For a college graduate, Buffett reckons "a few hundred thousand dollars" sounds about right.
Warren Buffett
I asked Buffett how many of his fellow billionaires shared his views. He laughed.
"I'll tell you, not very many,” he said. "They have this idea that it's ‘their money' and they deserve to keep every penny of it. What they don't factor in is all the public investment that lets us live the way we do." ... It may be surprising to some to hear the world's foremost capitalist talk in this way, but Buffett's views aren't necessarily a sign of a soft heart. Rather, they reflect an understanding that how well we respond to globalization won't be just a matter of identifying the right policies. It will also have to do with a change in spirit, a willingness to put our common interests and the interests of future generations ahead of short-term expediency.
Warren Buffett
As taxpayers we gave one of Warren Buffet's companies, in 2006, an interest-free loan of $665 million dollars, and he only has to pay half of it back 28 years from now. ...Imagine ...you bought a house in 1980 at the price in 1980. Up until now [2009] you haven't made any payments on the house, and this year you have to pay half in the... dollars you agreed to back then, no adjustment for inflation. Do you think that alone might make you a wealthy man?
Warren Buffett
The world's second-richest person called on Washington policymakers to adopt fundamental reforms on such costs to address what he called a "national emergency."
He said health care eats up 17 percent of U.S. gross domestic product, at a time when many other countries pay only nine or 10 percent of GDP but have more doctors, nurses and hospital beds per capita.
"It's like a tapeworm eating at our economic body," Buffett said on CNBC television.
"If it was a choice today between Plan A, which is what we've got, or Plan B, which is the Senate bill, I would vote for the Senate bill," he said. "But I would much rather see a Plan C that really attacks costs, and I think that's what the American public wants to see."
Rising costs, Buffett said, are holding back an economy that faced an "economic Pearl Harbor" in late 2008 when capital markets seized up.
Warren Buffett