Click here for a Library of Quotes from Warren Buffet
The following is a listing of some of the more interesting and colorful quotes we've found during our readings.
"Anyone with the good sense and vision to invest $10,000 in Buffett Partnership, Ltd. at its inception in 1956 and reinvest the proceeds in Berkshire Hathaway at the partnership's termination in 1969 would today own shares worth about $250 million - after all taxes, fees and expenses! (The reason why one of our favorite contributors calls Berkshire 'the gift that keeps hurting.')"
- Outstanding Investor Digest
"In the United States, a person or institution with almost all wealth invested, long-term, in just three fine domestic corporations is securely rich."
- Charlie Munger, Wesco Chairman
"Many are looking for technical corrective reactions from time to time, but do not expect these to disturb the upward trend for any prolonged period."
- Wall Street Journal, September 9, 1929 (months before the worst disaster in financial history)
"Thousands of experts study overbought indicators, oversold indicators, head-and-shoulder patterns, put-call ratios, the Fed's policy on money supply, foreign investment, the movement of the constellations through the heavens, and the moss on oak trees, and they can't predict markets with any useful consistency, any more than the gizzard squeezers could tell the Roman emperors when the Huns would attack."
- Peter Lynch, One Up On Wall Street
"There are 60,000 economists in the U.S., many of them employed full-time trying to forecast recessions and interest rates, and if they could do it successfully twice in a row, they'd all be millionaires by now...as far as I know, most of them are still gainfully employed, which ought to tell us something."
- Peter Lynch, One Up On Wall Street
"Well, the questioner came from Singapore which has perhaps the best economic record in the history of developing an economy and therefore he referred to 15% per annum as modest. It's not modest--it's arrogant. Only someone from Singapore would call it modest. "
- Charlie Munger, 1997 Berkshire Hathaway Annual Meeting
"We attracted a lot of market timers and asset allocators. I don't need those goddamn amateurs in my fund."
- Martin Whitman, Morningstar Article
"In the short run, the market is a voting machine but in the long run it is a weighing machine."
- Benjamin Graham
"Of the 2,692 diversified stock mutual funds tracked by Lipper Analytical Services, only 134 have beaten the S&P 500 this year."
- USA Today; June 18, 1998
I started buying in 1986 or so. That's my portfolio. Six stocks. I once owned 17, but that was way too much."
- Philip Fisher, Forbes
"The stock market is filled with individuals who know the price of everything, but the value of nothing."
- Philip Fisher, Common Stocks Uncommon Profits "
"History doesn't repeat .......... It rhymes"
- Mark Twain
"We must remember that capitalism almost by definition is a system of excess and self corrections"............. Said differently, our job is to help you be greedy when others are frightened, and cautious when others are greedy....... "Correction can be a scary experience...how should we react? Mostly by doing nothing."
- Peter Lynch
"We assess the probability of correctly timing the market to be less than 1 in 6. Successful timing of the market requires being right in three sequential events."
- Longleaf Partners--2nd Quarter Report, 1998
"Asset allocation and time horizons are the key to an investor's success. The biggest barrier is one's personal psychology or how he reacts to the daily noise and clutter."
- SEA Editors (Bernard Lanigan & Brad Jackson)
"We have moved our cash position to 1% from 28% as the opportunities we see now to buy great businesses with great managers, at less than 50% of our assessment of intrinsic value is a very compelling opportunity."
- Mason Hawkins (Conference call 10/6/98)
"All my investment life, I have tried to invest at the most pessimistic time, or go against the herd mentality."
- Sir John Templeton