Warren Buffett Quotes

The single most important decision in evaluating a business is pricing power.

If you've got the power to raise prices without losing business to a competitor, you've got a very good business. And if you have to have a prayer session before raising the price by a tenth of a cent, then you've got a terrible business. I've been in both, and I know the difference.

I raised my prices since there wasn't any competition it was just the smart thing to do. Why would I keep my prices up if their wasn't anyone to beat?

In business, every phase of things counts. Companies that just yell out a low price today to win business aren't going to make money in the long term.

If we look at pricing holistically, we'll create a more solid business.

Cutting prices or putting things on sale is not sustainable business strategy. The other side of it is that you can't cut enough costs to save your way to prosperity.

Cutting prices or putting things on sale is not sustainable business strategy.

Increasingly prices are set by sellers to raise their prices without a loss of sales sufficient to wipe out the gain.

That doesn't mean you have to have the lowest costs in the industry to succeed. But you need to make sure the activities and product attributes that increase your costs above the other guy bring in at least that much more in revenue, and hopefully more.

I've seen articles suggesting that Wal-Mart buys at prices lower than our competitors', and that this gives Wal-Mart an unfair advantage. I don't believe it... What we hear is concern that in some circumstances, Wal-Mart may actually be paying more than our competitors.

The reality is that we've seen the last of any serious price wars for a long time. I don't think any of the others could afford it, certainly not on a long-term basis.

Publishing had been successful where there had been natural geographic monopolies.

You just have to make sure the model you're working on does not undersell your product.

My father taught us that to thrive, excellence in technology, quality, and customer service along with cost competitiveness is a prerequisite. His contribution to business, the economy, and society at large can never be underscored enough.

Market leadership can translate directly to higher revenue, higher profitability, greater capital velocity, and correspondingly stronger returns on invested capital.

When you look at a company that's already succeeded or is at the very top of its game, it isn't necessarily when it's executing well. It tends to be peacetime - you've defeated the competition, you have the highest margins, the highest multiple.

Creating value isn't enough - you also need to capture some of the value you create.

What we need to do is run our business. We need to come up with a value prop that is so compelling that customers have to go for it.

An increase in shareholder value can arise for reasons other than greater efficiency, such as increased power and the resulting ability to increase profits by raising prices.

You have to do things right to stay in business, and that's not easy, and that's a choice on a daily basis, the choices you make in how to run your business and how to have a point of differentiation and how to be true to your brand, how to offer something that people want and to offer something that you love.

Costco pays their workers good wages with benefits while selling good products at competitive prices and remaining quite profitable.

I don't think my basic business strategy is well known by the public, probably because people think it's too simple. My strategy has always been to try to focus in on a product or service where you can create a dollar of value for 20 cents and sell it for 40 cents.

I've never had difficulty dominating any market I've been in.

I never wanted to compete on price in my history because on price, you don't always win.

I look at companies as price-players or quality-players. The only way to go with J.Crew was quality.