Warren Buffett Quotes - Page 22

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• It's got to be the best intellectual exercise out there. You're seeing through new situations every ten minutes. In the stock market you don't base your decisions on what the market is doing, but on what you think is rational. Bridge is about weighing gain/loss ratios. You're doing calculations all the time.

  Warren Buffett

  Loss, Exercise, Thinking

  "The Warren Buffett Portfolio: Mastering the Power of the Focus Investment Strategy". Book by Robert G. Hagstrom (p. 112), 2000.

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• Returns decrease as motion increases.

  Warren Buffett

  Return, Increase, Decrease

  Lawrence A. Cunningham, Warren E. Buffett (2013). “The Essays of Warren Buffett: Lessons for Corporate America (Third Edition)”, p.111, Carolina Academic Press

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• The banking business is no favorite of ours. When assets are twenty times equity - a common ratio in this industry - mistakes that involve only a small portion of assets can destroy a major portion of equity. And mistakes have been the rule rather than the exception at many major banks.

  Warren Buffett

  Mistake, Twenties, Banking

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• You are lucky in life if you have the right heroes. I advise all of you, to the extent you can, to pick out a few heroes

  Warren Buffett

  Hero, Lucky, Advise

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• If you can tell me who your heroes are, I can tell you how you're going to turn out in life.

  Warren Buffett

  Life, Hero, Turns

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• Possessing a powerful worldwide brand is essential for sustained success.

  Warren Buffett

  Powerful, Essentials, Brands

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• You do not adequately protect yourself by being half awake when other are sleeping.

  Warren Buffett

  Sleep, Investing, Half

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• I bought a company in the mid-90s called Dexter Shoe and paid $400 million for it. And it went to zero. And I gave about $400 million worth of Berkshire stock, which is probably now worth $400 billion. But I've made lots of dumb decisions. That's part of the game.

  Warren Buffett

  Zero, Games, Shoes

  "Warren Buffett opens his wallet for Piers Morgan and America" by Lateef Mungin, www.cnn.com. October 23, 2013.

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• You should be unconcerned about short-term price action when you own the securities directly, just as you were unconcerned when you owned them indirectly through BPL. I think about them as businesses, not "stocks", and if the business does all right over the long term, so will the stock.

  Warren Buffett

  Thinking, Long, Doe

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• The capital gains tax is 15 percent now. So I sit there in my office and I make a lot of money by capital gains, and I pay 15 percent, and I pay no payroll tax on it.

  Warren Buffett

  Payroll Tax, Office, Gains

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

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• Managers and investors alike must understand that accounting numbers are the beginning, not the end, of business valuation.

  Warren Buffett

  Numbers, Ends, Billionaire

  Berkshire Hathaway Inc. Chairman's Letter, www.berkshirehathaway.com. 1982.

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• You get what I call the natural progression, the three Is. The innovators, the imitators, and the idiots.

  Warren Buffett

  Three, Idiot, Progression

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

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• An investor needs to do very few things right as long as he or she avoids big mistakes.

  Warren Buffett

  Mistake, Long, Needs

  "3 Insights on The Future from Warren Buffett and Charlie Munger" by Taylor Pearson, www.huffingtonpost.com. August 19, 2016.

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• More investment sins are probably committed by otherwise quite intelligent people because of "tax considerations" than from any other cause. One of my friends-a noted West Coast philosopher-maintains that a majority of life's errors are caused by forgetting what one is really trying to do. This is certainly the case when an emotionally supercharged element like taxes enters the picture (I have another friend-a noted East Coast philosopher who says it isn't the lack of representation he minds-it's the taxation).

  Warren Buffett

  Intelligent, Errors, People

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• What's nice about investing is you don't have to swing at every pitch.

  Warren Buffett

  Business, Nice, Swings

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• What's hot today isn't likely to be hot tomorrow. The stock market reverts to fundamental returns over the long run. Don't follow the herd.

  Warren Buffett

  Running, Long, Hot

  Source: time.com

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• When bills come due, only cash is legal tender. Don't leave home without it.

  Warren Buffett

  Home, Cash, Bills

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• An ounce of prevention is worth a pound of cure understated.

  Warren Buffett

  Prevention, Pounds, Cures

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

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• The secret is to find what you love to do.I mean, I tell the students look for the job that you would take if you didn't need a job. I mean, it's that simple. And I was lucky enough to find it very early in life. And then the second thing is to have people around you that make feel good every day, and make you a better person than you otherwise would be.

  Warren Buffett

  Mean, Simple, People

  Source: www.pbs.org

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• Don't invest in pieces of papers (stocks), invest in great businesses underlying them

  Warren Buffett

  Pieces, Paper, Great Business

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• In the search [of a deal], we adopt the same attitude one might find appropriate in looking for a spouse: It pays to be active, interested, and open-minded, but it does not pay to be in a hurry.

  Warren Buffett

  Attitude, Doe, Might

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• A fool and his money are soon invited everywhere.

  Warren Buffett

  Money, Italian, Taxes Funny

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• In an inflationary world, a toll bridge (like company) would be a great thing to own because you've laid out the capital costs. You built it in old dollars and you don't have to keep replacing it.

  Warren Buffett

  Bridges, Dollars, Would Be

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• Just look at that Forbes 400. Takes a billion three to get on the Forbes 400 this year. And the aggregate wealth is just staggering. And those people are paying less percentage of their total income to the federal government than their receptionists are. [...] I'll bet a million dollars against any member of the Forbes 400 who challenges - me that the average for the Forbes 400 will be less than the average of their receptionists.

  Warren Buffett

  Government, Average, Years

  Interview with Tom Brokaw, www.cnbc.com. October 31, 2007.

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• Businesses always have opportunities to improve service, product lines, manufacturing techniques, and the like, and obviously these opportunities should be seized. But a business that constantly encounters major change also encounters many chances for major error

  Warren Buffett

  Opportunity, Errors, Technique

  Warren Buffett (2009). “Warren Buffett on Business: Principles from the Sage of Omaha”, p.115, John Wiley & Sons

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