Warren Buffett is an investing legend – he started with humble beginnings and has amassed a fortune of nearly $60 billion through solid investment principles.
He’s also a pretty interesting guy. He lives in the same house he bought in Omaha, Nebraska, in 1958 for $31,500 (now valued at over $700,000) and has been known to take public transit occasionally. He has also pledged to give away 99% of his fortune to a few select charities.
Here are some of my favourite Warren Buffett quotes…..
“Only when the tide goes out do you discover who’s been swimming naked.”
“Of the billionaires I have known, money just brings out the basic traits in them. If they were jerks before they had money, they are simply jerks with a billion dollars.”
“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”
“No matter how great the talents or efforts, some things just take time. You can’t produce a baby in one month by getting nine women pregnant.”
“Honesty is an expensive gift, don’t expect it from cheap people.”
“Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.”
On Investing Your Money
“Rule #1: Never lose money. Rule #2: Don’t forget Rule #1.”
“The best thing that happens to us is when a great company gets into temporary trouble. We like to buy them when they’re on the operating table.”
“You don’t need to be a rocket scientist. Investing is not a game where the guy with a 160 IQ beats the guy with a 130 IQ.”
“I try to buy stock in businesses that are so wonderful, an idiot can run them. Because sooner or later, one will.”
“Risk comes from not knowing what you’re doing.”
“Our favourite holding period is forever.”
“Be fearful when others are greedy. Be greedy when others are fearful.”
On Buying Stocks
“Beware of geeks bearing formulas.”
“Whether talking socks or stocks, I like buying quality merchandise when it is marked down.”
“We have long felt that the only value of stock forecasters is to make fortune-tellers look good.”
“Wall Street is the only place that people ride to in a Rolls-Royce to take advice from those who take the subway.”