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Warren Buffett Lessons
- We simply attempt to be fearful when others are greedy, and greedy only when others are fearful.
- It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.
- Honesty is a very expensive gift, do not expect it from cheap people.
- Give a man a fish and you feed him for a day. Teach him how to arbitrage and you feed him forever.
- In allocating capital, activity does not correlate with achievement.
- Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.
- 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.
- What the wise do in the beginning, fools do in the end.
- If you get to my age in life and nobody thinks well of you, I don’t care how big your bank account is, your life is a disaster.
- I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.
- You only have to do very few things right in your life so long as you don’t do too many things wrong.
- Observing correctly that the market was frequently efficient, they went on to conclude incorrectly that it was always efficient. The difference between these propositions is night and day.
- Tax paying investors will realize a far greater sum from a single investment that compounds internally at a given rate, than from a succession of investments compounding at the same rate.
- Never depend on single income. Make investment to create second source.
- If you buy things you do not need, soon you will have to sell things you need.
- Do not save what is left after spending, but spend what is left after saving.
- Never test the depth of river with both the feet.
- What you really want a course on investing is how to value a business. That’s what the game is about.
- Time is a friend of the good business and the enemy of the mediocre.
- We don’t get paid for activity, just for being right. As to how long we’ll wait, we’ll wait indefinitely.
- Derivatives are financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal.
- If you’re an investor, you’re looking on what the asset is going to do, if you’re a speculator, you’re commonly focusing on what the price of the object is going to do, and that’s not our game.
- We will reject interesting opportunities rather than over-leverage our balance sheet.
- Bull markets and Bear markets can obscure mathematical laws, but they cannot repeal them.
- The fact that people will be full of greed, fear or folly is predictable. The sequence is not predictable.
- Fear is a foe of the faddist, but a friend of the fundamentalist.
- We don’t have to be smarter than the rest; we have to be more disciplined than the rest.
- If we have a strength, it is in recognizing when we are operating within our circle of competence, and when we are approaching the perimeter.
- You pay a very high price for cheery consensus.
- Risk comes from not knowing what you’re doing.
- When you build a bridge, you insist it can carry 30,000 pounds, but you only drive 10,000 pound trucks across it. And that same principle works in investing.
- No formula in finance tells you that the moat is 28 feet wide and 16 feet deep. That’s what drives the academics crazy. They can compute standard deviations and beta, but they can’t understand moats.
- The dumbest reason in the world to buy a stock is because it’s going up.
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