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I could improve your ultimate financial welfare by giving you a ticket with only twenty slots in it so that you had twenty punches-representing all the investments that you get to make in a lifetime.
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Investment is most successful when it is most businesslike
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Investors should purchase stocks like they purchase groceries-not like they purchase perfume
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A great business at a fair price is superior to a fair business at a great price
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You need to have a passionate interest in why things are happening. That cast of mind, kept over long periods, gradually improves your ability to focus on reality.
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You need a different checklist and different mental models for different companies
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Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things
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Berkshire value will be higher in twenty years, but it is certain that the annual rate of percentage growth will much lower.
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I hate to be an optimist, buy we have really added a lot of wonderful businesses to Berkshire over the past few years.
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The idea that it is hard to find good investments, so concentrate in a few, seems to me to be an obviously good idea. But ninety-eight percent of the investment world doesn´t think this way.
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Old moats are getting filled in and new moats are harder to predict, so it’s getting harder.
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The very nature of things is that if you get a whole lot of volume through your operation, you get better at processing that volume. That’s an enormous advantage.
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The net amount of money that’s been made by the shareholders of airlines since Kitty Hawk is now a negative figure.
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The great lesson in microeconomics is to discriminate between when technology is going to help you and when it’s going to kill you.
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You have to figure out what your own aptitudes are. If you play games where other people have the aptitudes and you don’t, you’re going to lose.
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The one thing all those winning bettors in the whole history of people who’ve beaten the pari-mutuel system have is quite simple: they bet very seldom.
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As usual in human affairs, what determines the behavior are incentives for the decision maker, and “getting the incentives right” is a very, very important lesson.
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There’s a lot of simple stuff that many of you are quite capable of learning. And your lives will work way better, too, if you do. Plus, learning it is a lot of fun. So I urge you to learn it.
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A competing product, if it is never tried, can’t act as a reward creating a conflicting habit. Every spouse knows that.
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There is an old two-part rule that often works wonders in business: (1) Take a simple, basic idea and (2) take it very seriously.
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I tend to prefer over direct foreign investment Berkshire’s practice of participating in foreign economies through the likes of Coca-Cola and Gillette.
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I have never taken a single course in economics, nor tried to make a single dollar, ever, from foreseeing macroeconomic changes.
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