Warren Buffett Quotes & Wallpapers

Warren Buffett
Total Quotes: 1022

It's very important that the determination of the US Congress to do what is is needed be made evident this week and by the actions of most of the members. I mean, you're not going to get total assent. Warren Buffett

I don't think you can have a better secretary of the Treasury than Hank Paulson. Warren Buffett

I mean, Hank Paulson is in there [ Treasury] at the wrong time, probably shouldn't have taken the job. He's a friend of mine. But he knows markets, he knows corporations' work, he knows money, and he's got the interests of the country at heart. Warren Buffett

You've got the right - you've got a wonderful person with Sheila Bair, most of the viewers have never heard of Sheila Bair. [She] has taken eight percent of the deposits in the United States and seamlessly moved those over to sound institutions which in turn have gotten more capital, ended up, it's been a magnificent job.She'll never get a golden parachute or any severance pay or anything. She's done a great job. We've got some great public servants. We have I think the right people in there to get the job done, and then they need more tools. Warren Buffett

You have hedge funds and people like that buying these assets to yield 15 or 20 percent, I mean, that's the buyer for these people that are trying to unload them. Warren Buffett

The U.S. Treasury has got borrowing costs like nobody else has. Warren Buffett

[The U.S. Treasury] can borrow basically unlimited amounts. They can stay there for years and years. These assets will be worth more money over time. So when Merrill Lynch sells a bunch of mortgage-related assets at 22 cents on the dollar like they did a month or so ago, the buyer goes - is going to make money, and he's going to make a lot more money if it happens to be an institution like the U.S. government which has very, very cheap borrowing costs. Warren Buffett

If I got a chance to take one percent of the deal either way, I would make that bet. Warren Buffett

When Berkshire Hathaway laid out three billion dollars for GE today, we didn't spend it, we invested it. When the Federal government buys the mortgages, they're not spending it, they're investing it. Now, they're investing it in distress type assets but they're buying them at distress prices if they buy them at market. It's the kind of stuff I love to do. I just don't have 700 million. Maybe we could go in it together. Warren Buffett

You know, with your money and my brains, I mean, there's no telling how far we'd go. Warren Buffett

I'll take the deal, whatever you want to do. Warren Buffett

I mean, in terms of alternatives, some people have suggested for example that why don't we - why isn't America doing what Berkshire Hathaway is doing? Why isn't that a better deal for America? Warren Buffett

We have provided capital here with a couple of institutions recently. The Federal government did that in the '30s for the RFC and I think there could well be a proper role for government in that. Warren Buffett

I don't think it would be crazy to have a model or an entity model on the Reconstruction Finance Corp. Warren Buffett

That goes back to 1932, although it was really implemented in '33 under Jesse Jones, and it invested in mostly banks initially and preferred stock and that sort of thing. So there are two things needed in the system, the one that's needed overwhelmingly is liquidity. I mean, when people are trying to [unintelligible], there has to be somebody there to buy. Warren Buffett

I would say that an RFC-like thing might make sense. I probably would do it myself. But I don't think trying to combine that with what's going through now, I think what is needed now is liquidity. Warren Buffett

We've got a wonderful economic formula in this country. Warren Buffett

It's the deleveraging that's going on right now that has caused the credit crisis. Warren Buffett

AIG would be doing fine today. It was one of the ten largest companies in the United States in terms of market value, over 200 billion, the most respected insurer and everything in the world. Warren Buffett

I mean there is no capital requirements to it or anything of the sort. And basically, I said there were possibly financial weapons of mass destruction, and they had them. They destroyed AIG. They certainly contributed to the destruction of Bear Sterns and Lehman. Although Lehman had other problems, too. Warren Buffett

I would say the biggest single cause was we had an incredible residential real estate bubble. Warren Buffett

But 300 million Americans, their lending institutions, their government, their media, all believed that house prices were going to go up consistently. And that got billed into a $20 trillion residential home market. Lending was done based on it, and everybody did a lot of foolish things. Warren Buffett

And people really behaved in a fraudulent way or something, we'll go back and find the culprits later on. But that really isn't the problem we have. I mean that's where it came from, though. We leveraged up and if you have a 20 percent fall in value of a $20 trillion asset, that's $4 trillion. And when $4 trillion lands - losses land in the wrong part of this economy, it can gum up the whole place. Warren Buffett

There is no question we have an access stock. Warren Buffett

The good thing is, we have household formation in this country. Warren Buffett

We have a country where I don't know whether it's a million households a year or more, but good form. Warren Buffett

House prices just soared beyond - beyond reason in many places and they got financed in silly ways, and people lied about loans, all kinds of accesses entered into it. But that is what - that is the single biggest cause of why we're here. Warren Buffett

People should always know better. Warren Buffett

You get what I call the natural progression, the three Is. The innovators, the imitators, and the idiots. Warren Buffett

With housing it's something even more dramatic than that, because most people aspire to own their own home.If you really think that houses prices are going to go up next year and the year after, you feel if I don't buy it this year, I'm going to have to buy it next year.That's not true of an Internet stock. But it's true of a home. Warren Buffett

When somebody makes it very easy for you to do it by saying you don't really have to put up my money, you can lie about your income a little, or we'll give you 100 percent mortgage, you're going to do it, because everybody that's done it has been proven right. You have social tools, and you're going to feel like an idiot if you didn't do it, because the house cost more. Warren Buffett

You can lose leverage, and it's the only way a smart guy can go broke. Warren Buffett

If you owe money, you can't pay them out. You just pay for everything, you do smart things, you eventually get very rich. Warren Buffett

If you do smart things and use leverage and do one wrong thing along the way, it could wipe you out, because anything times zero is zero. But it's reinforcing when the people around you are doing it successfully, you're doing it successfully, and it's a lot like Cinderella at the ball. Warren Buffett

I mean you know at midnight everything is going to turn to pumpkins and mice; right? But if the evening goes along, I mean, you know, the guys look better all the time, the music sounds better, it's more and more fun, you think why the hell should I leave at quarter of 12. I'll leave at two minutes to 12. But the trouble is, there are no clocks on the wall. And everybody thinks they're going to leave at two minutes to 12. Warren Buffett

At this point, when treasury bills, seven day treasury bills at 1/20th of one percent, it's not because people want to earn 1/20th of one percent, it's because they trust the fact the treasury will give it back to them next week. Warren Buffett

I'm sitting with six and a half billion dollars we're going to use to close the Mars-Wrigley deal on October 6. I've got to hand over that six and a half billion on October 6. Now, I have to be very careful about who I leave it in between now and then, because they're expecting that he show up. Warren Buffett

I lose confidence in other people, all kinds of institutions. Warren Buffett

I've argued with the senators and congressmen I've talked to. You don't want to be too little too late. If you buy them at the right price, you may be buying two trillion of face value. Warren Buffett

If some institution wants to sell you a billion dollars worth of mortgages, they might have to sell 100 million in the market, and then you'll buy the other 900 million on the same terms. Now, the very fact that this has been authorized or will be authorized, I hope, will firm up the market to some degree. And that's fine. But you don't want to have artificial prices being paid. Warren Buffett

I think confidence will come back. Warren Buffett

This country is going - be living better ten years from now than it is now. It will be living better in 20 years from now than ten years from now. The ingredients that made this country, you know, the miracle of the world - I mean we had a seven for one improvement in the average American standard of living in the 20th century. Warren Buffett

We've got more productive capacity now than we ever have. Warren Buffett

The American worker is more productive than he's ever been. Warren Buffett

We've got all the ingredients for a sensational future. Warren Buffett

It's just that right now the athlete's on the floor. But we - this is a super athlete. Warren Buffett

The same things happen to quite an extent around the globe. I mean, the European banks were doing what the American banks were. Warren Buffett

I mean, they were getting the mortgage of some guy in Omaha, you know, securitized a couple of times. I mean he had all these - they had all these types from Wall Street, you know, and they had advanced degrees, and they look very alert, and they came with these - they came with these things that said gamma and alpha and sigma and all that. And all I can say is beware of geeks, you know, bearing formulas. They've heard that in Europe. Warren Buffett

We look for things I can understand. A lot of businesses I don't understand. Warren Buffett

So some guy may know how to make money in cocoa beans, but I don't so I just let him have that. But it's got to be something I understand. It's got to be a business with fundamentally good economics. It's got to be a management that I like and trust and admire. And it's got to be a price that makes sense. Warren Buffett

I'm not worried they're all about the investments we make. I mean, listen, this country - we've got $46,000 or $47,000 of GDP per capita. Now, we've done pretty darn well. We'll do better in the future. Warren Buffett

I am not worried about the country. I'm just worried about anything that gums up the potential of the country. And right now, it's pretty gummed up. Warren Buffett

I think it will get moving faster. I mean once you get it off the - once credit flows - now the recession is going to get worse. Warren Buffett

I don't want to hold out false hopes that the - by some magic moment, that things will turn around in a couple months because they wouldn't, Charlie. I mean, and it's a big mistake to try and mislead people. Warren Buffett

We need to throw the resources at this that are necessary. But like I say, we are not spending money. I mean, if we buy these assets intelligently, the United States Treasury will make money. I mean, it's borrowing money. It's just a few percent a year. Warren Buffett

It makes a difference who the treasury secretary is. Warren Buffett

I would say it's more important who the treasury secretary is than who the vice president is. If you want to have a debate here, I'd like a debate between potential treasury secretaries than the vice presidential debate. Warren Buffett

I think that trying to invest through 535 people is a tough job, you know, and so I would give more latitude. Warren Buffett

I think the oversight is great, and I think that oversight ought to be devoted almost entirely to the question is this being done at market you know. In other words, you want to make sure that the government isn't investing foolishly. But you don't want to care about which congressional districts it goes to or whether banks get favored over. Warren Buffett

I think you'll have plenty of scrutiny as how the money's invested. I mean, just like the RFC. When the RFC operated, people knew which institutions they were buying preferred stock in. And it worked very well. Warren Buffett

Resolution Trust Company was set up to liquidate a bunch of assets that the government had inherited because the savings and loans went broke. Warren Buffett

People do, as long as you have markets, you'll have excesses. Warren Buffett

People went crazy with tulip bulbs. They went crazy with the South Sea Bubble, they went crazy internet stocks, they went crazy with the uranium stocks back when I was first getting started. Warren Buffett

I mean, you know, you're not going to change the human animal. And the human animal really doesn't get a lot smarter. Warren Buffett

Can you know you can have institutions that put curbs on that in various ways, and actually what the banks, you know, they have various capital ratios and that sort of thing, but the banks got around them, I mean, they set up sieves and that sort of thing just to get more leverage. People love leverage when it's working. I mean, it's so easy to borrow money from a guy at X and put it out at X. Warren Buffett

A lot of people disagree with me on this, I believe in mark to market. Warren Buffett

That's the reality of what they're going to sell them to the Treasury for. Warren Buffett

You get in a lot of trouble when you start putting fictitious numbers. Warren Buffett

I mean, you can explain the fact that these are depressed prices, you know. We think these assets are going to be worth a lot more. And I think that case can be made in certain situations. But I think to just say, you know, we're going to say a dollar of cash is worth $2 all of a sudden, it isn't worth $2. It's worth a dollar today. Warren Buffett

I think once you start putting phony figures into financial statements, you get in a lot of trouble. And we've seen so much of that in the last 20 years. Warren Buffett

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