Very, very few s are managed from a value standpoint. — 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."