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Warren Buffett

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The strategy we've adopted precludes our following standard diversification dogma. Many pundits would therefore say the strategy must be riskier than that employed by more conventional investors. We disagree. We believe that a policy of portfolio concentration may well decrease risk if it raises, as it should, both the intensity with which an investor thinks about a business and the comfort-level he must feel with its economic characteristics before buying into it. In stating this opinion, we define risk, using dictionary terms, as "the possibility of loss or injury."
--
1993 Chairman's Letter

 
Warren Buffett

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I am under no illusion that our present strategy of using means short of total war to achieve our ends and oppose communism is a guarantee that a world war will not be thrust upon us. But a policy of patience and determination without provoking a world war, while we improve our military power, is one which we believe we must continue to follow….
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