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Just because Charlie and I can clearly see dramatic growth ahead for an industry does not mean we can judge what its profit margins and returns on capital will be as a host of competitors battle for supremacy. At Berkshire we will stick with businesses whose profit picture for decades to come seems reasonably predictable. Even then, we will make plenty of mistakes.

— Warren Buffett Letters to Shareholders (1957)

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The asset I most value, aside from health, is interesting, diverse, and long-standing friends.

I make no attempt to forecast the general market — my efforts are devoted to finding undervalued securities.

Letters to Shareholders (1957)

People will always try to stop you doing the right thing if it is unconventional.

It's simply to say that managers and investors alike must understand that accounting numbers is the beginning, not the end, of business valuation.

Letters to Shareholders (1957)

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Quote text and notes from Wikiquote: Warren Buffett (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.