All WARREN BUFFETT Quotes about “Decisions”

“Youâ€™d get very rich if you thought of yourself as having a card with only twenty punches in a lifetime, and every financial decision used up one punch. Youâ€™d resist the temptation to dabble. Youâ€™d make more good decisions and youâ€™d make more big decisions.”
“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.”
“Accounting consequences do not influence our operating or capital-allocation decisions. When acquisition costs are similar, we much prefer to purchase $2 of earnings that is not reportable by us under standard accounting principles than to purchase $1 of earnings that is reportable.”
“... but the important thing is that when you do find one where you really do know what you are doing, you must buy in quantity.... Charlie and I have made a dozen or so very big decisions relative to net worth, although not as big as they should have been. And in each of those, we've known that we were almost certain to be right going in.”
“Earnings can be pliable as putty when a charlatan heads the company reporting them.”
“If horses had controlled investment decisions, there would have been no auto industry.”
“An investor should act as though he had a lifetime decision card with just twenty punches on it.”
“Charlie and I decided long ago that in an investment lifetime, it's too hard to make hundreds of smart decisions. That judgment became ever more compelling as Berkshire's capital mushroomed and the universe of investments that could significantly affect our results shrank dramatically. Therefore, we adopted a strategy that required our being smart and not too smart at that, only a very few times. Indeed, we now settle for one good idea a year.”
“Good big decisions do not take time at all, if they do you are in trouble.”
“We make investment decisions based on our evaluation of the most profitable combination of probabilities.”
“Part of making good decisions in business is recognizing the poor decisions you've made and why they were poor. I've made lots of mistakes. I'm going to make more. It's the name of the game. You don't want to expect perfection in yourself. You want to strive to do your best. It's too demanding to expect perfection in yourself.”
“It's got to be the best intellectual exercise out there. You're seeing through new situations every ten minutes. In the stock market you don't base your decisions on what the market is doing, but on what you think is rational. Bridge is about weighing gain/loss ratios. You're doing calculations all the time.”
“There is no question that an important service is provided to investors by investment companies, investment advisors, trust departments, etc. This service revolves around the attainment of adequate diversification, the preservation of a long-term outlook, the ease of handling investment decisions and mechanics, and most importantly, the avoidance of the patently inferior investment techniques which seem to entice some individuals.”
“It is obvious that the performance of a stock last year or last month is no reason, per se, to either own it or to not own it now. It is obvious that an inability to "get even" in a security that has declined is of no importance. It is obvious that the inner warm glow that results from having held a winner last year is of no importance in making a decision as to whether it belongs in an optimum portfolio this year.”
“My idea of a group decision is to look in the mirror.”
“There is no staff. I make all the investment decisions and I do all my own analysis.”
“The single most important decision in evaluating a business is pricing power.”
“I bought a company in the mid-90s called Dexter Shoe and paid $400 million for it. And it went to zero. And I gave about $400 million worth of Berkshire stock, which is probably now worth $400 billion. But I've made lots of dumb decisions. That's part of the game.”
“Basically, the single-most important decision in evaluating a business is pricing power.”
“To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What's needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding that framework. You must supply the emotional discipline.”
“We all make mistakes. If you can't make mistakes, you can't make decisions. I've made a lot bigger mistakes myself.”
“Outstanding long-term results are produced primarily by avoiding dumb decisions, rather than by making brilliant ones.”
“If you don't make mistakes you can't make decisions.”
“Investment decision should be made on the basis of the most probable compounding of after-tax net worth with minimum risk.”

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