Quotes from “Berkshire – Past, Present and Future” by Warren Buffett Pt. 2

Here are more quotes I like from Warren Buffett’s 2014 special letter titled “Berkshire – Past, Present and Future.” Enjoy!

When we differ, Charlie usually ends the conversation by saying: “Warren, think it over and you’ll agree with me because you’re smart and I’m right.”

Forget what you know about buying fair businesses at wonderful prices; instead, buy wonderful businesses at fair prices.

The intrinsic value of the shares you give in an acquisition must not be greater than the intrinsic value of the business you receive.

One of the heralded virtues of capitalism is that it efficiently allocates funds.

If horses had controlled investment decisions, there would have been no auto industry.

But Charlie told me long ago to never underestimate the man who overestimates himself.

As Ben Graham said many decades ago: “In the short-term the market is a voting machine; in the long-run it acts as a weighing machine.” Occasionally, the voting decisions of investors – amateurs and professionals alike – border on lunacy.

My successor will need one other particular strength: the ability to fight off the ABCs of business decay, which are arrogance, bureaucracy and complacency. When these corporate cancers metastasize, even the strongest of companies can falter.

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Quotes from “Berkshire – Past, Present and Future” by Warren Buffett Pt. 1