-A public-opinion poll is no substitute for thought.
-Beware of geeks bearing formulas.
-Chains of habit are too light to be felt until they are too heavy to be broken.
-Derivatives are financial weapons of mass destruction.
-Economic medicine that was previously meted out by the cupful has recently been dispensed by the barrel. These once unthinkable dosages will almost certainly bring on unwelcome after-effects. Their precise nature is anyone’s guess, though one likely consequence is an onslaught of inflation.
-I always knew I was going to be rich. I don’t think I ever doubted it for a minute.
-I buy expensive suits. They just look cheap on me.
-I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.
-I just think that – when a country needs more income and we do, we’re only taking in 15 percent of GDP, I mean, that – that – when a country needs more income, they should get it from the people that have it.
–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.
-If a business does well, the stock eventually follows.
-If anything, taxes for the lower and middle class and maybe even the upper middle class should even probably be cut further. But I think that people at the high end – people like myself – should be paying a lot more in taxes. We have it better than we’ve ever had it.
-If past history was all there was to the game, the richest people would be librarians.
-In the business world, the rear view mirror is always clearer than the windshield.
-It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.
–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.
–It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
–Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.
–Of the billionaires I have known, money just brings out the basic traits in them. If they were jerks before they had money, they are simply jerks with a billion dollars.
–Only buy something that you’d be perfectly happy to hold if the market shut down for 10 years.
–Price is what you pay. Value is what you get.
–Risk comes from not knowing what you’re doing.
–Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.
–Someone’s sitting in the shade today because someone planted a tree a long time ago.
–The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.
–There seems to be some perverse human characteristic that likes to make easy things difficult.
–Time is the friend of the wonderful company, the enemy of the mediocre.
–Today people who hold cash equivalents feel comfortable. They shouldn’t. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value.
– Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.
–We enjoy the process far more than the proceeds.
–We’re still in a recession. We’re not gonna be out of it for a while, but we will get out.
–When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.
–When you combine ignorance and leverage, you get some pretty interesting results.
–Why not invest your assets in the companies you really like? As Mae West said, “Too much of a good thing can be wonderful”.
–Wide diversification is only required when investors do not understand what they are doing.
–You only have to do a very few things right in your life so long as you don’t do too many things wrong.
I hope you had good and inspireing moments while reading all this smart quotes from Warren Buffett.