Warren Buffett quotes page 1
born 30 August 1930, American investor, CEO of Berkshire
I always knew I was going to be rich. I don't think I ever doubted it for a minute.
If you're doing something you love, you're more likely to put your all into it, and that generally
equates to making money.
Price is what you pay. Value is what you get.
In looking for people to hire, you look for three qualities: integrity, intelligence, and energy.
And if they don't have the first, the other two will kill you.
A public-opinion poll is no substitute for thought.
Wall Street is the only place that people ride to work in a Rolls Royce to get advice from
those who take the subway.
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.
Let blockheads read what blockheads wrote.
Time is the friend of the wonderful company, the enemy of the mediocre.
If it's too good be true, it usually is.
I am quite serious when I say that I do not believe there are, on the whole earth besides, so
many intensified bores as in these United States. No man can form an adequate idea of the
real meaning of the word, without coming here.
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.
I buy expensive suits. They just look cheap on me.
Never invest in a business you can't understand.
Investors should remember that excitement and expenses are their enemies. And if they insist
on trying to time their participation in equities, they should try to be fearful when others are
greedy and greedy when others are fearful.
Stay away from leverage. A long, long time ago a friend said to me about leverage, "If you're
smart you don't need it. If you're dumb you got no business using it."
I don't have a problem with guilt about money. The way I see it is that my money represents
an enormous number of claim checks on society. It is like I have these little pieces of paper
that I can turn into consumption. If I wanted to, I could hire 10,000 people to do nothing but
paint my picture every day for the rest of my life. And the GNP would go up. But the utility of
the product would be zilch, and I would be keeping those 10,000 people from doing AIDS
research, or teaching, or nursing. I don't do that though. I don't use very many of those claim
checks. There's nothing material I want very much. And I'm going to give virtually all of those
claim checks to charity when my wife and I die.
You only have to do a very few things right in your life so long as you don't do too many
If I was running $1 million today, or $10 million for that matter, I'd be fully invested. Anyone
who says that size does not hurt investment performance is selling. The highest rates of
return I've ever achieved were in the 1950s. I killed the Dow. You ought to see the numbers.
But I was investing peanuts then. It's a huge structural advantage not to have a lot of
money. I think I could make you 50% a year on $1 million. No, I know I could. I guarantee
Only when the tide goes out do you discover who's been swimming naked.
Most people get interested in stocks when everyone else is. The time to get interested is
when no one else is. You can't buy what is popular and do well.
My ideal partnership is where I don't have to do the work.
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.
Chains of habit are too light to be felt until they are too heavy to be broken.
There seems to be some perverse human characteristic that likes to make easy things
Take me as an example. I happen to have a talent for allocating capital. But my ability to use
that talent is completely dependent on the society I was born into. If I'd been born into a
tribe of hunters, this talent of mine would be pretty worthless. I can't run very fast. I'm not
particularly strong. I'd probably end up as some wild animal's dinner.
When you combine ignorance and leverage, you get some pretty interesting results.
Invest in knowledge. Not necessarily education, although education can help, but knowledge.
You get knowledge from everything, but most of all from experience, from trying things.
Business assets fluctuate. Currency values fluctuate. The value of diplomas and degrees will
change in time. But knowledge stays with you forever. It's impossible to have too much
knowledge or experience. I'm 83 and still using things I learned 65 years ago.
I was hardwired at birth to allocate capital.
I'll tell you why I like the cigarette business. It costs a penny to make. Sell it for a dollar. It's
addictive. And there's a fantastic brand loyalty.