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Friday, September 19, 2008

Warren Buffett's Golden Quotes

A collection of some favorite quotes from Warren Buffet – One of the world's greatest stock market investors.

  • “I always knew I was going to be rich. I don’t think I ever doubted it for a minute.”

  • “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.” - To his son Howard.

  • “The first rule is not to lose. The second rule is not to forget the first rule.”

  • “I gave a talk last year; some student at Harvard asked me, 'Who should I go to work for?' I said go to work for whoever you admire the most. I got a call from the dean about two weeks later. He said, 'What are you telling these kids? They're all becoming self-employed.'"

  • “A Public-opinion poll is no substitute for thought.”

  • “My idea of a group decision is to look in the mirror.”

  • “I don't look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.”

  • “Never invest in a business you cannot understand.”

  • “Great investment opportunities come around when excellent companies are surrounded by unusual circumstances that cause the stock to be misappraised.”

  • “It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”

  • “Price is what you pay. Value is what you get.”

  • “Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years.”

  • “I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.”

  • “Our favorite holding period is forever.”

  • “Wide diversification is only required when investors do not understand what they are doing.”

  • “We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.”

  • “Unless you can watch your stock holding decline by 50% without becoming panic stricken, you should not be in the stock market.”

  • “You do things when the opportunities come along. I've had periods in my life when I've had a bundle of ideas come along, and I've had long dry spells. If I get an idea next week, I'll do something. If not, I won't do a damn thing.”

  • “You only have to do a very few things right in your life so long as you don't do too many things wrong.”

  • “You're neither right nor wrong because other people agree with you. You're right because your facts are right and your reasoning is right - that's the only thing that makes you right. And if your facts and reasoning are right, you don't have to worry about anybody else.”

  • “It's better to hang out with people better than you. Pick out associates whose behavior is better than yours and you'll drift in that direction.”

  • The ability to say 'no' is a tremendous advantage for an investor.”

  • “Much success can be attributed to inactivity. Most investors cannot resist the temptation to constantly buy and sell.”

  • “It's only when the tide goes out that you learn who's been swimming naked.”

  • “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.”

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