25 Warren Buffett Quotes That Stand The Test Of Time
Charlie Munger said at the 1996 Annual Berkshire Hathaway Shareholder Meeting: “Warren talks about these discounted cash flows. I’ve never seen him do one” [“It’s true” replied Buffett. “If (the value of the company) doesn’t just scream out at you, it’s too close”]
“Since I know of no way to reliably predict market movements, I recommend that you purchase Berkshire shares only if you expect to hold them for at least 5 years. Those who seek short-term profits should look elsewhere”
“Opportunities come infrequently. When it rains gold, put out the bucket not the thimble”
“Time is the friend of the wonderful company, the enemy of the mediocre”
“For the investor, a too-high purchase price for the stock of an excellent company can undo the effects of a subsequent decade of favorable business developments.”
“The stock market is designed to transfer money from the active to the patient.”
“Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.”
“Never invest in a business you cannot understand.”
“If you aren’t thinking about owning a stock for 10 years, don’t even think about owning it for 10 minutes.”
“Beware the investment activity that produces applause; the great moves are usually greeted by yawns.”
“If returns are going to be 7 or 8 percent and you’re paying 1 percent for fees, that makes an enormous difference in how much money you’re going to have in retirement.”
“On the margin of safety, which means, don’t try and drive a 9,800-pound truck over a bridge that says it’s, you know, capacity: 10,000 pounds. But go down the road a little bit and find one that says, capacity: 15,000 pounds.”
“An investor should act as though he had a lifetime decision card with just twenty punches on it!”
“In the 54 years (Charlie Munger and I) have worked together, we have never forgone an attractive purchase because of the macro or political environment, or the views of other people. In fact, these subjects never come up when we make decisions.”
“It’s been an ideal period for investors: A climate of fear is their best friend. Those who invest only when commentators are upbeat end up paying a heavy price for meaningless reassurance.”
“The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.”
“It’s easier to stay out of trouble than it is to get out of trouble.”
“In the business world, the rearview mirror is always clearer than the windshield.”
“The difference between successful people and really successful people is that really successful people say no to almost everything.”
“You only have to do a very few things right in your life so long as you don’t do too many things wrong.”
“Calling someone who trades actively in the market an investor is like calling someone who repeatedly engages in one-night stands a romantic!”
“Investing is an easy game if you can manage your emotions.”
“Just buy something for less than it’s worth.”
“All there is to investing is picking good stocks at good times and staying with them as long as they remain good companies.”
“Our favorite holding period is forever.”
