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Warren Buffett Quotes - Page 15

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We enjoy the process far more than the proceeds.

We enjoy the process far more than the proceeds.

Business, War, Investing

Warren Buffett (2009). “Warren Buffett on Business: Principles from the Sage of Omaha”, p.153, John Wiley & Sons

Forecasts usually tell us more of the forecaster than of the forecast

Forecasts

It's nice to have a lot of money, but you know, you don't want to keep it around forever. I prefer buying things. Otherwise, it's a little like saving sex for your old age.

Sex, Nice, Buying Things

Well, one time some attractive woman sat next to Charlie and asked him what he owed his success to, and, unfortunately, she insisted on a one word answer. He had a speech prepared that would have gone on for several hours. But when forced to boil it down to one word, he said that was "rational". You know, he comes equipped for rationality, and he applies it in business. He doesn't always apply it elsewhere, but he applies it in business and that has made him a huge business success.

Business Success, Next, Gone

Buy stocks like you buy your groceries, not like you buy your perfume.

Like You, Groceries, Perfume

You can lose leverage, and it's the only way a smart guy can go broke.

Smart, Guy, Way

"Warren Buffett: I Haven't Seen As Much Economic Fear In My Adult Lifetime". "Charlie Rose", www.cnbc.com. October 1, 2008.

If you don’t feel comfortable making a rough estimate of the asset’s future earnings, just forget it and move on. No one has the ability to evaluate every investment possibility. But omniscience isn’t necessary; you only need to understand the actions you undertake.

Moving, Earning, Needs

"Warren Buffett Reveals A 6th Rule For Investing" by Sam Ro, www.businessinsider.com. March 1, 2014.

I learned to go into business only with people whom I like, trust, and admire.

People, Admire

Warren Buffett (2009). “Warren Buffett on Business: Principles from the Sage of Omaha”, p.152, John Wiley & Sons

I find that the standard of living does not go up in proportion with the cost of living. The trick in life is to do things that are fun all the time.

Fun, Cost Of Living, Doe

For example: (1) As if governed by Newton's First Law of Motion, an institution will resist any change in its current direction; (2) Just as work expands to fill available time, corporate projects or acquisitions will materialize to soak up available funds; (3) Any business craving of the leader, however foolish, will be quickly supported by detailed rate-of-return and strategic studies prepared by his troops; and (4) The behavior of peer companies, whether they are expanding, acquiring, setting executive compensation or whatever, will be mindlessly imitated.

Law, Leader, Peers

Warren Buffett (2009). “Warren Buffett on Business: Principles from the Sage of Omaha”, p.151, John Wiley & Sons

None of this means, however, that a business or stock is an intelligent purchase simply because it is unpopular; a contrarian approach is just as foolish as a follow-the-crowd strategy. What's required is thinking rather than polling. Unfortunately, Bertrand Russell's observation about life in general applies with unusual force in the financial world: "Most men would rather die than think. Many do."

Business, Mean, Men

Letter To the Shareholders of Berkshire Hathaway Inc., www.berkshirehathaway.com. 1990.

It makes no difference to a widow with her savings in a 5 percent passbook account whether she pays 100 percent income tax on her interest income during a period of zero inflation or pays no income tax during years of 5 percent inflation. Either way, she is 'taxed' in a manner that leaves her no real income whatsoever. Any money she spends comes right out of capital. She would find outrageous a 100 percent income tax but doesn't seem to notice that 5 percent inflation is the economic equivalent.

Zero, Real, Years

A very rich person should leave his kids enough to do anything, but not enough to do nothing.

Children, Kids, Investing

"Buffett to give away billions". www.cnn.com. June 26, 2006.

The good thing is, we have household formation in this country.

Country, Good Things, Household

"Warren Buffett: I Haven't Seen As Much Economic Fear In My Adult Lifetime". "Charlie Rose", www.cnbc.com. October 1, 2008.

In the financial markets I find it easy to predict what will happen and very difficult to predict when it will happen. I think that things were clear during the bubble as to what would happen eventually.

Thinking, Financial, Easy

"Warren Buffett: 'My elephant gun is loaded'". Interview with Dominic Lawson, Robert Peston and Grant, www.telegraph.co.uk. September 22, 2002.

We make investment decisions based on our evaluation of the most profitable combination of probabilities.

Decision, Evaluation, Investment

My wealth has come from a combination of living in America, some lucky genes, and compound interest.

America, Lucky, Wealth

"The Giving Pledge". "This Week" with Christiane Amanpour, abcnews.go.com. November 28, 2010.

When the brothel burns down, even the pretty girls have to run out.

Girl, Running, Investing

If you have a harem of 40 women, you never get to know any of them very well.

Wells, Harem, Knows

It's easy to identify many investment managers with great recent records. But past results, though important, do not suffice when prospective performance is being judged. How the record has been achieved is crucial.

Past, Important, Records

Warren Buffett's 2010 annual letter to the shareholders of his holding company, Berkshire Hathaway, February 26, 2011.

Our approach is very much profiting from lack of change rather than from change. With Wrigley chewing gum, it's the lack of change that appeals to me. I don't think it is going to be hurt by the Internet. That's the kind of business I like.

Hurt, Business, Thinking

"Warren Buffett's 23 Most Brilliant Insights About Investing" by Sam Ro, www.businessinsider.com. August 31, 2014.

Calculate "owner earnings" to get a true reflection of value.

Reflection, Investing, Earning

Risk can be greatly reduced by concentrating on only a few holdings.

Risk, Investing, Buffets

It is impossible to unsign a contract, so do all your thinking before you sign.

Thinking, Impossible, Contracts

If I knew where I was going to want to live the next five or 10 years I would buy a home and I'd finance it with a 30-year mortgage... It's a terrific deal.

Home, Years, Want

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