Quotes About Wisdom

Our favorite holding period is forever. We are just the opposite of those who hurry to sell and book profits when companies perform well but who tenaciously hang on to businesses that disappoint. Peter Lynch aptly likens such behavior to cutting the flowers and watering the weeds.

Reading could be the BEST addiction one could have. The only proven side effect is imagination & an edge in knowledge.

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 is better to be approximately right than precisely wrong.

Read 500 pages like this every day. That's how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it.

If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes.

I don't look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.

Charlie's dictum: "All I want to know is where I'm going to die so I'll never go there.

You should never test the depth of the water with both feet.

Our goal is more modest: We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.

It is madness to risk losing what you need in pursuing what you simply desire.

My favourite holding period is forever

Read 500 pages like this every week. That's how knowledge builds up, like compound interest.

Wide diversification is only required when investors do not understand what they are doing.

A line from Bobby Bare's country song explains what too often happens with acquisitions: "I've never gone to bed with an ugly woman, but I've sure woke up with a few.

I could improve your ultimate financial welfare by giving you a ticket with only 20 slots in it so that you had 20 punches—representing all the investments that you got to make in a lifetime. And once you'd punched through the card, you couldn't make any more investments at all. Under those rules, you'd really think carefully about what you did and you'd be forced to load up on what you'd really thought about. So you'd do so much better.

Risk comes from not knowing what you're doing.

Instead, he takes those coupons from his low-return bond and—if inclined to reinvest—looks for the highest return with safety currently available.  Good money is not thrown after bad.

If you buy things you don't need, soon you will have to sell things you need.

Read 500 pages like this every day. That's how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it. — Warren Buffett

What the wise man does in the beginning, the fool does in the end

especially favourable future prospects were regarded by shrewd investors as something to look for but not to pay for

Charlie and I would follow a buy-and-hold policy even if we ran a tax-exempt institution.

Warren Buffett