Human dislocation outweighs a few points
“I have no desire to trade severe human dislocations for a few percentage points additional return per annum.”
Investing
Warren Buffett's December 26, 1969 letter to Buffett Partnership partners, one of the letters in Buffett Partnership Letters, 1957–1970.
Only running a company tests a successor
“The only real way to see how someone is going to do when running a company is to let him run it.”
Hoping prices track business results
“I hope [these companies'] price patterns follow a rather moderate range related to business results rather than behaving in a volatile manner related to speculative enthusiasm or depression.”
No forecasts on bond or stock markets
“I make no forecasts regarding the bond market (or stock market) - it may be higher or lower in March than now.”