A Quote by Warren Buffett
Our future rates of gain will fall far short of those achieved in the past. Berkshire's capital base is now simply too large to allow us to earn truly outsized returns. If you believe otherwise, you should consider a career in sales but avoid one in mathematics.
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We preach free enterprise capitalism. We believe in it, we give our lives in war for it, but the closest most of us come to profiting from it are a few miserable shares of stock in a company that doesn't pay large enough dividends to keep a small mouse in cheese. The truth is, most of us are job serfs. At a time when invested capital returns 20 to 30 percent, we have no capital. We only have our wages and salaries, and a debt so high that something like 20c on every dollar we earn is spent to pay off what we owe.
Anyone who believes a growth rate in excess of 15% per annum over the long term is attainable should pursue a career in sales, but avoid one in mathematics.
Only when we ensure that the mistakes of our past are not the vision for our future, will we truly have achieved justice.
It seems to me that the dedication of a library is an act of faith. To bring together the resources of the past and to house them in buildings where they will be preserved for the use of men and women in the future, a nation must believe in three things. It must believe in the past. it must believe in the future. It must, above all, believe in the capacity of its own people so to learn from the past that they can gain in judgment in creating their own future.
We're guessing at our future opportunity cost. Warrenis guessing that he'll have the opportunity to put capital out at high rates of return, so he's not willing to put it out at less than 10% now. But if we knew interest rates would stay at 1%, we'd change. Our hurdles reflect our estimate of future opportunity costs.
If I were to be super critical, I would say Formula One is too tactical and not strategic enough. And that brings us back to the digital issue: you may have to invest in order to gain - sacrifice some short-term effects in order to make high returns in the future.
In real estate you can avoid ever having to pay a capital gains tax, decade after decade, century after century. When you sell a property and make a capital gain, you simply turn around and buy a new property. The gain is not taxed. It's called "preserving your capital investment" - which goes up and up in value with each transaction.
Don't be too quick to draw conclusions from what happens to you; simply let it happen. Otherwise it will be too easy for you to look with blame... at your past, which naturally has a share with everything that now meets you.
Our incomes should be like our shoes, if too small, they will gall and pinch us, but if too large, they will cause us to stumble and to trip. Wealth, after all, is a relative thing, since he that has little and wants less is richer than he that has much but wants more. True contentment depends not upon what we have; a tub was large enough for Diogenes, but a world was too little for Alexander.
You will not see, in my career, the kind of returns this industry had in 2005 and 2006 for a very simple reason - the banks were undercapitalized, and returns are a function of earnings and capital.
How are we going to know what sounds are important before we've even heard those sounds? It's an absurd question. The only thing we can say is that we're going to base it on our past experience. In other words, modern listening doesn't inform us of anything new. It simply keeps us in the past.
I am far too much in doubt about the present, far too perturbed .about the future, to be otherwise than profoundly reverential about the past.
Our incomes should be like our shoes; if too small, they will gall and pinch us; but if too large, they will cause us to stumble and to trip.
It's being here now that's important. There's no past and there's no future. Time is a very misleading thing. All there is ever, is the now. We can gain experience from the past, but we can't relive it; and we can hope for the future, but we don't know if there is one.
This is our one and only chance at mortal life-here and now. The longer we live, the greater is our realization that it is brief. Opportunities come, and then they are gone. I believe that among the greatest lessons we are to learn in this short sojourn upon the earth are lessons that help us distinguish between what is important and what is not. I plead with you not to let those most important things pass you by. As you plan for that illusive, nonexistent future when you will have time to do all that you want to do. Instead, find you in the journey now.
Facts are certainly the solid and true foundation of all sectors of nature study ... Reasoning must never find itself contradicting definite facts; but reasoning must allow us to distinguish, among facts that have been reported, those that we can fully believe, those that are questionable, and those that are false. It will not allow us to lend faith to those that are directly contrary to others whose certainty is known to us; it will not allow us to accept as true those that fly in the face of unquestionable principles.
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