Wonderful castles, surrounded by deep, dangerous moats where the leader inside is an honest and decent person. Preferably, the castle gets its strength from the genius inside; the moat is permanent and acts as a powerful deterrent to those considering an attack; and inside, the leader makes gold but doesn't keep it all for himself. Roughly translated, we like great companies with dominant positions, whose franchise is hard to duplicate and has tremendous staying power or some permanence to it. (Berkshire Hathaway Annual meeting, 1995)
You need a moat in business to protect you from the guy who is going to come along and offer (your product) for a penny cheaper. (Warren Buffett Talks Business, 1995)
We're not pure economic creatures, and that policy penalizes our results somewhat, but we prefer to operate that way in life. What's the point of becoming rich if you're going to have a pattern of operations where you continually discard associations with people you like, admire, and find interesting in order to earn a slightly bigger figure?
Mine : Does a company make its customers and suppliers better off ?
You need a moat in business to protect you from the guy who is going to come along and offer (your product) for a penny cheaper. (Warren Buffett Talks Business, 1995)
We're not pure economic creatures, and that policy penalizes our results somewhat, but we prefer to operate that way in life. What's the point of becoming rich if you're going to have a pattern of operations where you continually discard associations with people you like, admire, and find interesting in order to earn a slightly bigger figure?
Mine : Does a company make its customers and suppliers better off ?
