59 Quotes by Daniel Pecaut

For his successor, Buffett emphasized that proven capital allocation abilities would be the key.

Yet he knew that stocks would be better than bonds or cash over the long run.

Nevertheless, their dishonesty upset Buffett. They were trying to chisel him out of 12.5 cents per share. So Buffett went the other way and started buying increasingly more shares of Berkshire until he took control. He then booted out the guy who had tried to chisel him out. In 1964, Warren Buffett took control of that small New England textile firm, and it became his new base for making investments.

What matters most to him are micro factors, as opposed to the macro factors that so often get all the attention. He loves to know all the details of a business.

In thinking about markets, it is important to remember that markets are there to serve you, not instruct you.

We’d buy great businesses with excellent management at a fair to bargain price and leave them alone.

Both Buffett and Munger are betting on higher, and maybe a lot higher inflation in the years to come.

Buffett’s formula for happiness is simple: “Do what I like with people I like.” He noted that he learned early in life that his favorite employer was himself. It avoids aggravation.

Ben Franklin’s advice: “Keep your eyes wide open before marriage and half shut thereafter.