Managements objective is to achieve a return on capital over the long — Warren Buffett

"I have been on twenty public company corporate boards, not counting any Berkshire subsidiaries. ... The independent directors, in many cases, are the least independent. ... If the income you receive as a corporate director ... is an important part of your income ... how in the world is that independent?"

"You cant make a good deal with a bad person. "23 Quotes from Warren Buffett on Life and Generosity" forbes.com (02 December 2013)"

"As taxpayers we gave one of Warren Buffets companies, in 2006, an interest-free loan of $665 million dollars, and he only has to pay half of it back 28 years from now. ...Imagine ...you bought a house in 1980 at the price in 1980. Up until now [2009] you havent made any payments on the house, and this year you have to pay half in the... dollars you agreed to back then, no adjustment for inflation. Do you think that alone might make you a wealthy man?"

"The primary test of managerial economic performance is the achievement of a high earnings rate on equity capital employed (without undue leverage, accounting gimmickry, etc.) and not the achievement of consistent gains in earnings per share. In our view, many businesses would be better understood by their shareholder owners, as well as by the general public, if managements and financial analysts modified the primary emphasis they place upon earnings per share, and upon yearly changes in that figure."

"The most common cause of low prices is pessimism — some times pervasive, some times specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. Its optimism that is the enemy of the rational buyer."

"Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results."

"In the life of the mass-order, the culture of the generality tends to conform to the demands of the average human being. Spirituality decays through being diffused among the masses when knowledge is impoverished in every possible way by rationalisation until it becomes accessible to the crude understanding of all."

"I say this to you because we Spaniards are a forgetful people, because we are used to living for the moment, because we do not look back, because we do not know how to see the chain of heroes, because we do not contemplate the sum of sacrifices."

"Sharon Tate was my best friend. Once, we were roommates. She introduced me to my husband. She was the godmother to my baby daughter who is named for her. In the six years time that I knew her, she never said an unkind word about anyone."

"Long time to see. (VS: Tapion)"

"Most mathematicians prove what they can, von Neumann proves what he wants." Once in a discussion about the rapid growth of mathematics in modern times, von Neumann was heard to remark that whereas thirty years ago a mathematician could grasp all of mathematics, that is impossible today. Someone asked him: "What percentage of all mathematics might a person aspire to understand today?" Von Neumann went into one of his five-second thinking trances, and said: "About 28 percent."

"Children must be free to think in all directions irrespective of the peculiar ideas of parents who often seal their childrens minds with preconceived prejudices and false concepts of past generations. Unless we are very careful, very careful indeed, and very conscientious, there is still great danger that our children may turn out to be the same kind of people we are."