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I want to be able to explain my mistakes. This means I do only the things I completely understand.
Warren Buffett
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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Completely
Mistake
Understand
Means
Able
Mean
Things
Explain
Mistakes
More quotes by Warren Buffett
Bad terminology is the enemy of good thinking.
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The one piece of advice I can give you is, do what turns you on. Do something that if you had all the money in the world, you’d still be doing it. You’ve got to have a reason to jump out of bed in the morning.
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The most important investment you can make is in yourself... nobody can tax it or take it away from you.
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If we start deciding, based on guesses or emotions, whether we will or won't participate in a business where we should have some long run edge, we're in trouble.
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A lot of great fortunes in the world have been made by owning a single wonderful business. If you understand the business, you don't need to own very many of them.
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We only want to link up with people whom we like, admire, and trust. ... We do not wish to join with managers who lack admirable qualities, no matter how attractive the prospects of their business. We've never succeeded in making a good deal with a bad person.
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I know the country works extremely well. You know, but when it isn't clogged up.
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The Stock Market is designed to transfer money from the Active to the Patient.
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Investing requires qualities of temperament way more than it requires qualities of intellect.
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If you knew what was going to happen in the economy, you still wouldn't necessarily know what was going to happen in the stock market.
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I have an 800 freephone number now that I call if I get the urge to buy an airline stock. I call at two in the morning and I say: My name is Warren and I'm an aeroholic. And then they talk me down.
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Look for 3 things in a person. Intelligence, Energy, & Integrity. If they don't have the last one, don't even bother with the first two.
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There are all kinds of businesses that Charlie and I don't understand, but that doesn't cause us to stay up at night. It just means we go on to the next one, and that's what the individual investor should do.
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If you don't find a way to make money while you sleep, you will work until you die.
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Gold is a way of going long on fear, and it has been a pretty good way of going long on fear from time to time. But you really have to hope people become more afraid in a year or two years than they are now. And if they become more afraid you make money, if they become less afraid you lose money, but the gold itself doesn’t produce anything.
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Mark Zuckerberg will be a hero to many young entrepreneurs 20 years from now. Bill Gates will be a hero to others, and they will look to those [people] like I read books when I was in my teens about Rockefeller or Carnegie.
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If you don't feel comfortable owning something for 10 years, then don't own it for 10 minutes.
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If you lose money for the firm, I will be forgiving. If you lose reputation, I will be ruthless.
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Investors have to remember: corporate profits are going up, but stocks are going up faster. How can that continue indefinitely? Investors can only earn what companies themselves can earn the government or the markets themselves don't kick anything in. How can you get anything more out of a farm than what it grows?
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With a wonderful business, you can figure out what will happen you can't figure out when it will happen. You don't want to focus on when, you want to focus on what. If you're right about what, you don't have to worry about when
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