Warren Buffett Quotes
376 Warren Buffett Quotes
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I read the first edition of this book [The Intelligent Investor] early in 1950, when I was about nineteen. I thought then it was by far the best book about investing ever written. I still think it is.
Warren Buffett
To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What’s needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding that framework. This book [The Intelligent Investor] precisely and clearly prescribes the proper framework. You must supply the emotional discipline.
Warren Buffett
The sillier the market’s behaviour, the greater the opportunity for the business-like investor.
Warren Buffett
Follow Graham and you will profit from folly rather than participate in it.
Warren Buffett
One important thing about risk and reward. Sometimes risk and reward are correlated in a positive fashion. If someone were to say to me, ‘I have here a six-shooter and I have slipped one cartridge into it. Why don’t you just spin it and pull it once? If you survive, I will give you $1 million. I would decline –perhaps stating that $1 million is not enough. Then he might offer me $5 million to pull the trigger twice – now that would be a positive correlation between risk and reward! The exact opposite is true with value investing. If you buy a dollar bill for 60 cents, it’s riskier than if you buy a dollar bill for 40 cents., but the expectation of reward is greater in the latter case. The greater the potential for reward in the value portfolio, the less risk there is.
Warren Buffett
Be fearful when others are greedy, and greedy when others are fearful.
Warren Buffett
Don’t risk what is important to you, to get what is not important to you.
Warren Buffett
Always do what you love.
Warren Buffett
Stay investing in your circle of competence.
Warren Buffett
Don’t look back or regret.
Warren Buffett
If it’s unimportant or unknowable, don’t worry about it.
Warren Buffett
My biggest mistakes are investments I didn’t make.
Warren Buffett
Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well.
Warren Buffett
Charlie shoved me in the direction of not just buying bargains, as Ben Graham had taught me. This was the real impact he had on me. It took a powerful force to move me on from Graham’s limiting view. It was the power of Charlie’s mind. He expanded horizons.
Warren Buffett
Charlie made me focus on the merits of the business with tremendously growing earning power, but only when you can be sure of it – not like Texas Instruments or Polaroid, where earning potential was hypothetical.
Warren Buffett
We actually negotiated to buy more [Costco shares]. I made the most common mistake I make…. We started buying it, and the price went up, and instead of following it up and continuing to buy more… If Costco had stayed at $15 a share or so, where we were buying it, we would’ve bought a lot more. But instead it went to $15.125 and who could pay $15.125 when they’d been paying $15 – it wasn’t quite that bad. But I have made that mistake a lot of times and it’s very irritating. [Costco is @$88.30 in March 2012]
Warren Buffett
Charlie says as you get older you tolerate more and more in your old friends and less and less in your new friends.
Warren Buffett
The secret of making money is to avoid risks; you have to take risks when you spend it.
Warren Buffett
The predicament of most professional money managers is the ‘Swing you bum!’ syndrome. The experienced and patient individual investor can take his time ad infinitum waiting for the sweetheart pitch. If the whole market is high, or there’s so much optimism it makes you nervous, you can just go to Europe or to Mexico for a while until things come back into range. The hotshot go-go portfolio manager, on the other hand from whom continuous activity is expected, is in the predicament of a dangerous hitter going to the plate and finding that the pitcher has decided to walk him. All the pitches are out of reach, or nearly so. The batter knows that his best tactic is to accept the walk, but thousands of fans, who want to see some action, are shouting ‘Swing you bum!’. Not to disappoint them, the batter feels he has to take a cut, and so risks an unnecessary put out.
Warren Buffett
I went the whole gamut. I collected charts, and I read all the technical stuff. I listened to tips. And then I picked up Graham’s Security Analysis. That was like seeing the light.
Warren Buffett
I always knew I was going to be rich, I don’t think I ever doubted it for a minute. There was Western Insurance earning sixteen dollars a share, and selling at sixteen dollars a share. There was National Insurance selling at one times earnings. How could it miss?
Warren Buffett
Ben [Graham] was right the market is a manic depressive. That’s why you can’t buy and sell on it’s terms. You have to buy and sell when you want to.
Warren Buffett
Philosophically, I am in the geriatric ward. We live in an investment world populated not by those who must be logically persuaded to believe, but by the hopeful, credulous and greedy, grasping for an excuse to believe.
Warren Buffett
I ate lunch in the Omaha Club – that’s the downtown club – and I noticed there weren’t any Jews. I was told ‘they have their own club’. Now there are Jewish families that have contributed to the community all the time, they have helped build Omaha as much as anybody, and yet they can’t join a club that John Jones, the new middlerank Union Pacific man, joins as soon as he’s transferred here. That is hardly fair. So I joined the Jewish club; it took me four months – they were a little put back and confused, and I had to do some convincing. Then I went back to the Omaha Club and told them that the Jewish Club wasn’t totally Jewish any more. I got two or three of the Jewish Club members to apply to the Omaha Club. Now we’ve got the thing cracked.
Warren Buffett
Graham’s teachings have made a number of people rich, and it is difficult to find any cases where those teachings have made anyone poor. There are not many men you can say that about.
Warren Buffett
[Buffett on Lou Simpson] Temperament is what causes smart people not to function well. His temperament probably isn’t different than mine. We both tend to do rational things. Our emotions don’t get in the way of our intellect.
Warren Buffett
I love doing it at Berkshire for some simple reasons: It gives me a sense of accomplishment, a freedom to act as I see fit, and an opportunity to interact daily with people I like and trust.
Warren Buffett
Managers eager to bet heavily on their abilities usually have plenty of ability to bet upon.
Warren Buffett
[On the stockmarket] Don’t be scared of the ups and down. Don’t buy and sell. Don’t get trapped in that stuff. Don’t look at the newspaper everyday.
Warren Buffett
We not only encourage extraordinary autonomy in our operating businesses, we depend on it.
Warren Buffett
You are neither right nor wrong because the crowd disagrees with you.
Warren Buffett
This is the cornerstone of our investment philosophy: Never count on making a good sale. Have the purchase be so attractive that even a mediocre sale gives good results.
Warren Buffett
I really like my life. I’ve arranged my life so that I can do what I want.
Warren Buffett
Mrs B [Blumkin] had a native genius, which consisted of staying focused on the one area of her expertise.
Warren Buffett
I have never met a man who could forecast the market.
Warren Buffett
Good profits simply are not inconsistent with good behaviour.
Warren Buffett
Like Wayne Gretzky says, go where the puck is going, not where it is.
Warren Buffett
We find it hard to teach a new dog old tricks. But we haven’t had lots of problems with people who hit the ball out of the park year after year. Even though they’re rich, they love what they do. And nothing ever happens to our managers. We offer them immortality.
Warren Buffett
With enough insider information and a million dollars, you can go broke in a year.
Warren Buffett
Can you really explain to a fish what it’s like to walk on land? On day on land is worth a thousand years of talking about it, and one day running a business has exactly the same value.
Warren Buffett
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