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1.'It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.' 2.'Rule No. 1: never lose money; rule No. 2: don't forget rule No. 1' 3.'Our approach is very much profiting from lack of change rather than from change. With Wrigley chewing gum, it's the lack of change that appeals to me. I don't think it is going to be hurt by the Internet. That's the kind of business I like.' 4.'I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.' 5.'The stock market is a no-called-strike game. You don't have to swing at everything – you can wait for your pitch. The problem when you're a money manager is that your fans keep yelling, "Swing, you bum!" ' 6.'Price is what you pay; value is what you get. Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down.' 7.'Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results.' 8.'If you understood a business perfectly and the future of the business, you would need very little in the way of a margin of safety.' 9.'We've long felt that the only value of stock forecasters isto make fortune tellers look good. Even now, Charlie [Munger] and I continue to believe that short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children.' 10.'We don't get paid for activity, just for being right. As tohow long we'll wait, we'll wait indefinitely.' http://www.cnbc.com/id/101000052 |
