“It's only when the tide goes out that you discover who's been swimming naked.”
More from Warren Buffett
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“The only time to buy these is on a day with no 'y' in it.”
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“In the business world, the rearview mirror is always clearer than the windshield.”
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“I violated the Noah rule: Predicting rain doesn't count; building arks does.”
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“I won't close down a business of subnormal profitability merely to add a fraction of a point to our corporate returns. I also feel it inappropriate for even an exceptionally profitable company to fund an operation once it appears to have unending losses in prospect. Adam Smith would disagree with my first proposition and Karl Marx would disagree with my second; the middle ground is the only position that leaves me comfortable.”
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“If you have a harem of 40 women, you never get to know any of them very well.”