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What could be more advantageous in an intellectual contest - whether it be chess, bridge, or stock selection - than to have opponents who have been taught that thinking is a waste of energy?

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Thinking
Bridges
Opponents
Chess
Advantageous
Waste
Contest
Intellectual
Contests
Taught
Bridge
Whether
Selection
Energy
Stock

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I think you should read everything you can. In my case, by the age of 10, I'd read every book in the Omaha public library about investing, some twice. You need to fill your mind with various competing thoughts and decide which make sense.
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Only when you combine sound intellect with emotional discipline do you get rational behavior.
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You shouldn't own common stocks if a 50 per cent decrease in their value in a short period of time would cause you acute distress.
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A pin lies in wait for every bubble and when the two eventually meet, a new wave of investors learns some very old lessons.
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If you invested in a very low cost index fund - where you don't put the money in at one time, but average in over 10 years -you'll do better than 90% of people who start investing at the same time.
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Larger sums may be an advantage at some cases and a disadvantage at others.
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What we learn from history is that people don't learn from history.
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I do not like debt and do not like to invest in companies that have too much debt, particularly long-term debt. With long-term debt, increases in interest rates can drastically affect company profits and make future cash flows less predictable.
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Is management rational?
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In our view, derivatives are financial weapons of mass destruction carrying dangers that, while latent, are potentially lethal.
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Never do anything in life if you would be ashamed of seeing it printed on the front page of your hometown newspaper for your friends and family to see.
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We say we are trying to buy into businesses with excellent economics, run by honest and able people at a decent price. We buy very few securities, so we look at it as focused investing.
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We don't have to be smarter than the rest. We have to be more disciplined than the rest.
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Knowing what to leave out is just as important as knowing what to focus on.
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If at first you do succeed, quit trying on investing.
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A pin lies in wait for every bubble. And when the two eventually meet, a new wave of investors learns some very old lessons: First, many in Wall Street (a community in which quality control is not prized) will sell investors anything they will buy. Second, speculation is most dangerous when it looks easiest.
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The smartest side to take in a bidding war is the losing side.
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The true investor welcomes volatility ... a wildly fluctuating market means that irrationally low prices will periodically be attached to solid businesses.
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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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If you are a professional and have confidence, then I would advocate lots of concentration.
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