Warren Buffett Quotes


First, many in Wall Street - a community in which quality control is not prized - will sell investors anything they will buy.


Citations

Buffett, Warren. Letter to Shareholders, 2000. Berkshire Hathaway Inc., 28 Feb. 2001, p. 15.

Related Quotes

The then attorney general had begun a series of investigation which discovered that most of the major Wall Street brokerage houses were engaged in systematic frauds to cheat small investors. One dramatic fraud he uncovered was that the research expert analysts of major firms would recommend the stock of businesses that their firm was doing investment banking for even when they knew that the companies were not doing well or were even in deep financial trouble. See {627544}.


At the time, the financial industry spent more money for lobbyists and campaign contributions than any other sector of the economy. The result is that they had extraordinary access to and influence upon members of Congress and their staffs, that more often than not, the actually drafted the language for laws, amendments and regulations and then les the strategy to pass the legislation or finalize the rule. Moreso than any other industry, they wrote their own rules. Even after the Meltdown of 2008 and the Great Recession where there was a public outcry for reform, the Dodd Frank legislation was influenced by the industry and after passage most of the rules and interpretations were written by the industry or greatly influenced by them.


Warren Buffett
Warren Buffett
  • Born: August 30, 1930
  • Nationality: American
  • Profession: Businessman, Investor, Philanthropist

Warren Edward Buffett is an American investor, business tycoon, philanthropist, and the chairman and CEO of Berkshire Hathaway. He is considered one of the most successful investors in the world and has a net worth of over US$100.6 billion as of April 2021, making him the world's seventh-wealthiest person.