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No. of Recommendations: 43
These are not exact -- I'm getting as close as I can....


WB: I’ll turn it over to Charlie. He’s probably going to say something about Ben Franklin.”


WEB: “What we want is a business with a durable competitive advantage. We’ve looked at every confectionary business over the last 20 years. When they are private businesses, we don’t determine when they’ll do something. There’s no reason to sell a wonderful business. I counsel them to keep it. If you have a business worth a billion dollars, you don’t need a billion dollars. When the time comes, if they have a business they’re proud of, we are the logical buyer because we will leave it alone. We’re trying to get onto people’s radar screen in Europe.”

WB: The stock market will give you bargain prices. Individual owners won’t.

CM: I knew a guy who sold a great business who sold it to a known crook because he could get a slightly higher price for it. The guy destroyed the business, as we knew he would. It was an insane way to do.”




WB: If I had to bet my life on it, I’d bet that the US is going to continue policies that will weaken the dollar.





CM: After Enron shocked the nation, our congress passed Sarbanes Oxley in response. It turns out they were shooting an elephant with a pea shooter. The problems now make Enron look like a tea party. I predict we will have further regulations, and they won’t work perfectly.


WB: Politics is a corrupting process. If I was running for this job against two other candidates, my answers would be quite different than they are since I’m not. There’s a lot of situational ethics and policymaking. If I were running for President, I doubt I would act any differently than they do. I don’t think you should expect anything more of human beings. I think on balance they will do what they feel is best for the country, and all three candidates are smart people.





WB: Sometimes it would be a mistake to have less than 75% of your net worth into a specific situation, if you have that much conviction. The problem is the guys who put 500% of their net worth into a position.

CM: Well, Warren, 75% of your wealth outside of Berkshire Hathaway has never been a significant amount.

WB: I saw things in 2002 in the bond and equity markets that were simply obvious. If you had the opportunity to invest with Tom Murphy at Cap Cities in 1974, you could have put all of your money behind him and it would not have been dangerous

CM: Students go to these elite schools and learn corporate finance. They learn that diversification is the key to investing. That’s demented. They’ve got it exactly bass ackwards. The whole secret in investing is being non diversified. It’s exactly what a know-nothing investor should do. It’s crazy for someone who knows what they’re doing to do.

WB: The key is knowing whether you are a know nothing investor or not.
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