All Quotes

"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!"

"[T]he idea of buying dollar bills for 40 cents takes immediately with people or it doesn't take at all. It's like an inoculation. ...It doesn't seem to be a matter of I.Q. or academic training. It's instant recognition, or it's nothing."

"Stan [Perlmeter] was a liberal arts major... We happened to be in the same building... Again, it took five minutes for Stan to embrace the value approach."

"Very, very few s are managed from a value standpoint."

"It's not like I am reciting... the names of a bunch of lottery winners. ...I knew what they had been taught and ...had some personal knowledge of their intellect, character and temperament. ...[T]his group has assumed far less risk than average; note their record in years when the general market is weak. While they differ greatly in style, these investors are, mentally, always buying the business, not buying the stock. ...[A]ll exploit the difference between the market price of a business and its intrinsic value."

"I'm convinced that there is much inefficiency in the market."

"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."

"The greater the potential for reward in the value portfolio, the less risk there is."

"The Washington Post Company in 1973 was selling for $80 million in the market. ...[Y]ou could have sold the assets ...for not less than $400 million ...Now, if the stock had declined even further... to $40 million... its beta would have been greater. ...This is truly Alice in Wonderland. I have never been able to figure out why it's riskier to buy $400 million worth of properties for $40 million than for $80 million."

"You... have to have the knowledge to... make a very general estimate about the value of the underlying businesses. But you do not cut it close. That is what Ben Graham meant by having a margin of safety."

"[T]he secret has been out for 50 years, ever since Ben Graham and Dave Dodd wrote Security Analysis, yet I have seen no trend toward in... 35 years... There seems to be some perverse human characteristic that likes to make easy things difficult."

"There will continue to be wide discrepancies between price and value in the marketplace, and those who read their Graham and Dodd will continue to prosper."

"Risk comes from not knowing what you're doing. "The Three Essential Warren Buffett Quotes To Live By" forbes.com (20 April 2014)"

"We're going to move a lot of crude (oil) in this country, and we have to learn how to do it very safely. "Buffett: Moving Oil By Rail Safely Is A Major Industry Concern" Investing.com (24 April 2014)"

"You can't make a good deal with a bad person. "23 Quotes from Warren Buffett on Life and Generosity" forbes.com (02 December 2013)"

"Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble. "25 Best Warren Buffett Quotes" The Motley Fool (28 September 2014)"

"What counts for most people in investing is not how much they know, but rather how realistically they define what they don't know. "The genius of Warren Buffett in 23 quotes" MarketWatch (19 August 2015)"

"I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life. "10 Brilliant Quotes From Warren Buffett, America's Second-Richest Person " entrepreneur.com (13 November 2014)"

"The problem with municipal finance generally is that, you know, Neville Chamberlain said “not in our time,” in terms of peace and, basically, many politicians think “not in my time” when they’re dealing with fiscal matters. The pension situation, first states, then cities, and so-on, you… it’s absolutely terrible, because really don’t wanna face – they want, they can give promises now which translate into votes, and they don’t really have to with the pensions they really don’t have to deliver on those until they’re long gone. And Puerto Rico, they’ve been kicking the can down the road for a long time, and they even raised new money, I think, not much more than a year ago, a very high price for hedge funds. The answer to financial problems is not more borrowing, more borrowing, but they’ll do it as long as they can and finally the day of reckoning comes and it would have been so much easier to tackle the problem earlier and no, you know, you got all different classes of bondholders and other claimants and they’re gonna fight like crazy. Charlie [Munger] always says, he says, “an ounce of prevention is worth a ton of cure,” and now you’re in the cure stage in Puerto Rico. "Buffett on Puerto Rico's debt crisis" CNBC (2 May 2016)"

"Take the job that you would take if you were independently wealthy."

"Look for integrity, intelligence and energy."

"There's a whole bunch of things I don't know a thing about — I just stay away from those. So, I stay within what I call my circle of competence."

"Capitalism is all about somebody coming and trying to take the castle. Now what you need is .... you need a castle that has some durable competitive advantage — some castle that has a moat around it."

"I like to study failure, actually. My partner says, "I want to know where I'll die so I'll never go there." We want to see what has caused businesses to go bad. The biggest thing that kills them is complacency. ... The danger would always be that you rest on your laurels."

"Warren Buffett's Top 10 Rules for Success – YouTube, uploaded by Evan Carmichael, 2015"

"I eat like a normal 6-year-old, but if you look at the mortality statistics, I mean, 6-year-olds don't die very often."

"Confidence comes back one at a time, but fear, is instantaneous."

"In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending."

"I would like to first introduce our directors. I'm Warren Buffett, and I was born and raised here in Omaha. We have Greg Abel — he was born and raised in Canada, and we have Ajit Jain who was born and raised in India. So we have a very diverse group."

"Don't worry. I'm not going to say anything more than I have to, if that."

"I don't think the producer has to do much, outside of maybe knowing a writer."

"Listen, Touch of Evils playing near my hotel. You wanna go check it out, watch Charlton Heston play a Mexican?"

"Look at me, Leo. I wouldn't think you're that dumb, leave over three hundred grand in the closet, underneath the extra blanket, but I guess you are."

"You know, Welles didn't even wanna do that one. Some studio made him do it. He owed 'em one and all his own movies lost money. But, hey, sometimes that's when you do your best work, you got a gun to your head."

"Rough business, this movie business. I may have to go back to loan sharking for a rest."

"Hey, Bear, look at me. Tell your boss I don't ever want to see him again. He made a deal with Harry and a deal's a deal."

"I mean I could see myself in movies Robert De Niro had been in. Or I could maybe do an Al Pacino movie, play a hard-on. But I couldn't see myself in ones, like say the one where the three guys get stuck with a baby. They don't know how to take care of it and you see these big grown-up assholes acting cute."

"Harry, look at me. You're trying to tell me you fucked up without sounding stupid, and that's hard to do."

"I produce feature motion pictures, no TV. You mentioned Grotesque? That happened to be Grotesque Part Two that Karen Flores was in. She starred in all three of my Slime Creatures releases you might have seen."

"That's half a movie, with holes in it. Maybe forty minutes of screen time. You don't even have a girl, a female lead, and on top of that, there's no one to sympathize with. You don't have a good guy."

"A blockbuster. But quality. No mutants or maniacs. This one's gonna be my Driving Miss Daisy."

"Every day, same time, they come down here and have breakfast. He has the egg white omelet; she has the banana pancakes. He sits facing west so he can see his billboard. She faces east so she has an excuse to wear the shades."

"Anyway, Murray has this shrink, who also happens to be Martin's personal trainer's shrink. Murray gives the shrink the script and the shrink gives it to Martin's trainer who reads it to Martin while they work out, and Martin flips. Loves it."

"What she did not say was, 'I just loved the way the director moved the camera so much it made me fuckin' seasick.' All she cared about was that look. All she remembered was that look. And why do we remember things in movies? Because we can see them. So keep this fuckin' camera down here on the ground and shoot this scene, so we can see what the fuck is goin' on, before I get someone over sixteen to fuckin' shoot it for you!"

"Man's in town two days, thinks he's David O. fucking Selznick."

"When I came upstairs, you stayed to finish your drink. I told you to turn off the TV when you were through. Come to think of it, I also told you you could sleep in the maid's room."

"I spent all day crawling out of a grave. The costumer kept bitching 'cause I was ripping my nylons."

"I know I'm better than what I've been doing the last ten years, walking around in fuck-me pumps and a tank top, waiting till it's time to scream."

"Yeah, well Martin is known for his flipping. He flips over a script, and when the time comes to make a deal, he flips out."

""It" didn't slip away, Martin. You did when you went off to fuck Nicki in the middle of my birthday party."