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Warren Buffett Quotes - Page 9

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You know ... you keep doing the same things and you keep getting the same result over and over again.

You know ... you keep doing the same things and you keep getting the same result over and over again.

Life, Investing, Investment

Exercise humility and restraint.

Humility, Exercise, Restraint

You will be right, over the course of many transactions, if your hypotheses are correct, your facts are correct, and your reasoning is correct. True conservatism is only possible through knowledge and reason.

Facts, Reason, Hypothesis

To invest successfully, you need not understand beta, efficient markets, modern portfolio theory, option pricing or emerging markets. You may, in fact, be better off knowing nothing of these. That, of course, is not the prevailing view at most business schools, whose finance curriculum tends to be dominated by such subjects. In our view, though, investment students need only two well-taught courses - How to Value a Business, and How to Think About Market Prices.

Business, School, Thinking

Richard J. Connors, Warren Buffett (2010). “Warren Buffett on Business: Principles from the Sage of Omaha”, p.152, John Wiley & Sons

Beware of geeks bearing formulas.

Saving, Investing, Geek

"In Letter, Warren Buffett Concedes a Tough Year" by David Segal, www.nytimes.com. February 28, 2009.

Don't pass up something that's attractive today because you think you will find something way more attractive tomorrow.

Thinking, Today, Way

"CNBC TRANSCRIPT: Warren Buffett & Bill Gates - Keeping America Great". Interview with Becky Quick, www.cnbc.com. November 12, 2009.

The wise man once said invest young

Wise, Men, Said

To be successful, you should concentrate on the world of companies, not arcane accounting mathematics.

Successful, World, Mathematics

The plan itself is opportunism. There is no plan before that.

Plans, Opportunism

The extraordinary business does not require good management.

Good Man, Doe, Management

Source: hurricanecapital.wordpress.com

Taking jobs to build up your resume is the same as saving up sex for old age.

Jobs, Sex, Saving Up

You have to turn over a lot of rocks to find those little anomalies. You have to find the companies that are off the map - way off the map.

Rocks, Anomalies, Maps

Berkshire Hathaway, Warren Buffett Q&, #106335, boards.fool.com. May 6, 2005.

I know what I want to do and it makes sense to get going.

Want, Make Sense, Knows

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

Take the probability of loss times the amount of possible loss from the probability of gain times the amount of possible gain. That is what we're trying to do. It's imperfect, but that's what it's all about.

Loss, Trying, Gains

I read annual reports of the company I'm looking at and I read the annual reports of the competitors - that is the main source of material.

Source, Annual Reports, Company

In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.

Business, Military, War

"Buy American. I Am." by Warren Buffett, www.nytimes.com. October 16, 2008.

The rich are always going to say that, you know, just give us more money and we'll go out and spend more and then it will all trickle down to the rest of you. But that has not worked the last 10 years, and I hope the American public is catching on.

Hope, Money, Catching On

"Warren Buffett: Read My Lips, Raise My Taxes". "This Week" with Christiane Amanpour, abcnews.go.com. November 21, 2010.

Only when you combine sound intellect with emotional discipline do you get rational behavior.

Emotional, Discipline, Sound

I never invest in anything that I don't understand.

The most common cause of low prices is pessimism - some times pervasive, some times specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It's optimism that is the enemy of the rational buyer.

Optimism, Enemy, Saving

Chairman's Letter to the Shareholders of Berkshire Hathaway Inc., www.berkshirehathaway.com. 1990.

You have to turn over a lot of rocks to find those little anomalies. You have to find the companies that are off the map - way off the map. You may find local companies that have nothing wrong with them at all. A company that I found, Western Insurance Securities, was trading for $3/share when it was earning $20/share!! I tried to buy up as much of it as possible. No one will tell you about these businesses. You have to find them.

Rocks, Anomalies, Maps

Interview with students, boards.fool.com. May 6, 2005.

A stock doesn't know that you own it.

Knows

You have to be able to communicate in life and probably schools underemphasize that. If you can't talk to people or write, you're giving up your potential.

Giving Up, Writing, School

The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.

Keys, Investing, Durability

Warren Buffett's remarks at Herb Allen's Sun Valley in Idaho Retreat, July 1999.

Our investments continue to be few in number and simple in concept: The truly big investment idea can usually be explained in a short paragraph. We like a business with enduring competitive advantages that is run by able and owner-oriented people. When these attributes exist, and when we can make purchases at sensible prices, it is hard to go wrong (a challenge we periodically manage to overcome).

Running, Simple, Ideas

Letter To the Shareholders of Berkshire Hathaway Inc., www.berkshirehathaway.com. March 7, 1995.

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