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Quote by Warren Buffett

“My rather puritanical view is that any investment manager, whether operating as broker, investment counselor of a trust department, investment company, etc., should be willing to state unequivocally what he is going to attempt to accomplish and how he proposes to measure the extent to which he gets the job done.”

Quote by Warren Buffett

Author

Warren Buffett, born on August 30, 1930, is a renowned investor. Known as the 'Oracle of Omaha,' he is the chairman and CEO of Berkshire Hathaway, a diversified holding company involved in insurance, railroads, energy, finance, and more. Buffett's investment philosophy emphasizes value investing, and he is known for his long-term investment and stable investment strategies. more

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“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.”

Knows Enough Company Situation Cases Industry Judgment Majority Sensible

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“The gross profits in many workouts appear quite small. It's a little like looking for parking meters with some time left on them. However, the predictability coupled with a short holding period produces quite decent average annual rates of return after allowance for the occasional substantial loss.”

Littles Left Loss Produce Return Periods Rate Average Profit Decent Workout Gross Occasional Parking Meter Annuals Allowance Predictability Time Left Parking Meters

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“More investment sins are probably committed by otherwise quite intelligent people because of "tax considerations" than from any other cause. One of my friends-a noted West Coast philosopher-maintains that a majority of life's errors are caused by forgetting what one is really trying to do. This is certainly the case when an emotionally supercharged element like taxes enters the picture (I have another friend-a noted East Coast philosopher who says it isn't the lack of representation he minds-it's the taxation).”

“It is obvious that the performance of a stock last year or last month is no reason, per se, to either own it or to not own it now. It is obvious that an inability to "get even" in a security that has declined is of no importance. It is obvious that the inner warm glow that results from having held a winner last year is of no importance in making a decision as to whether it belongs in an optimum portfolio this year.”

Years Reason Lasts Decision Results Security Months Performances Importance Obvious Warm Winner No Reason Last Year Inability Portfolios Optimum

Author:Warren Buffett

“I have never been able to understand why the tax comes as such a body blow to many people since the rate on long-term capital gain is lower than on most likes of endeavor (tax policy indicated digging ditches is regarded as socially less desirable than shuffling stock certificates).”

People Long Body Able Term Policy Taxes Gains Rate Blow Likes Long Term Endeavor Desirable Digging Certificates Shuffling Capital Gains Digging Ditches

Author:Warren Buffett

“Although we deal with probabilities and expectations, the actual results can deviate substantially from such expectations, particularly on a short-term basis.”

Term Results Deals Expectations Bases Probability Short Term Deviate

Author:Warren Buffett

“Asset values and earning power are the dominant factors affecting the valuation of a controlling interest in a business. Market price, which governs valuation of minority interest positions, is of little or no importance in valuing a controlling interest.”

Littles Values Interest Position Importance Factors Minorities Assets Dominant Earning Valuation

Author:Warren Buffett

“I certainly do believe anyone engaged in the management of money should have a standard of measurement, and that both he and the party whose money is managed should have a clear understanding why it is the appropriate standard, what time period should be utilized, etc.”

Should Believe Understanding Party Clear Periods Standards Should Have Management Engaged Etc Appropriate Measurement Time Periods Understanding Why

Author:Warren Buffett

“So if you are evaluating others (or yourself!) in the investment field, think out some standards - apply them - interpret them.”

Ifs Thinking Fields Standards Investment

Author:Warren Buffett

“Nevertheless, as circumstances presently appear, I feel substantially greater size is more likely to harm future results than to help them. This might not be true for my own personal results, but it is likely to be true for your results.”

Feels Helping Might My Own Results Greater Circumstances Size Harm Being True Nevertheless

Author:Warren Buffett