Warren Buffett: Close down whole plants

Yeah, some are doing that, where you give up hours. But a lot of operations don’t lend themselves to that very well, either. So…in other cases, you basically have to close down whole plants. That’s just the nature of it. You really can’t operate every plant at 50 percent and have it work as effectively as shutting down the least-productive plants.”

—Warren Buffett.

Warren Buffett: Human potential

There’s always a lot of things wrong with the world. Unfortunately, it’s the only world we’ve got. So we live with it, and we deal with it. But the beauty of it is this system works very well. I don’t have the faintest idea what’s going to happen in business or markets in the next year or two years. But the one thing I know is that, over time, people will live better and better in this country. We have a system that works. It unleashes human potential. ”

–Warren Buffett.

Warren Buffett: Financially fat

“We really like things that you don’t have to carry out to three decimal places, you know. If you have to carry it out to three decimal places, it’s not a good idea…. It’s like if somebody walked in the door here and they weighed somewhere between 300 and 350 pounds. I might not know how much they weigh, but I would know they were fat. That’s all I’m looking for, is something that’s financially fat.” –Warren Buffett.

Warren Buffett: Find wonderful businesses

“In general terms, unless you find the prices of a great company really offensive…. I think it’s better just to own them. We could attempt to buy and sell some of the things that we own that we think are fine businesses. But they’re too hard to find…. So, to sit there and hope that you buy them in the throes of some panic, that you sort of take the attitude of a mortician, waiting for a flu epidemic or something…. I’m not sure that will be a great technique…. I think the main thing to do is find wonderful businesses…. We’ve had our share of flu epidemics. But you don’t want to spend your life waiting around for them.” —Warren Buffett.