Warren Buffet

If you don’t find a way to make money while you sleep, you will work until you die
The most important investment you can make is in yourself
I always knew I was going to be rich. I don’t think I ever doubted it for a minute
Rule No. 1: Never lose money. Rule No. 2: Never forget rule No.1
I will tell you the secret to getting rich on Wall Street. We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful
Successful Investing takes time, discipline, and patience. No matter how great the talent or effort, some things just take time: You can’t produce a baby in one month by getting nine women pregnant
Price is what you pay. Value is what you get
It’s far better to buy a wonderful company at a fair price, than a fair company at a wonderful price
Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble
The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage
Wall Street makes its money on activity. You make your money on inactivity
Risk comes from not knowing what you are doing
Remember that the stock market is a manic depressive
Never invest in a business you cannot understand
In the business world, the rearview mirror is always clearer than the windshield
Do not save what is left after spending; instead, spend what is left after saving
I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking and make fewer impulse decisions than most people in business
Someone’s sitting in the shade today because someone planted a tree a long time ago
Never depend on a single income. Make an investment to create a second source
Every decade or so, dark clouds will fill the economic skies, and they will briefly rain gold
Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway
If a business does well, the stock eventually follows
Only buy something that you’d be perfectly happy to hold if the market shut down for 10 years
The stock market is designed to transfer money from the active to the patient
Just buy something for less than it’s worth
If you aren’t thinking about owning a stock for 10 years, don’t even think about owning it for 10 minutes
Our favorite holding period is forever
It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently
Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down
Don’t get caught up with what other people are doing. Being a contrarian isn’t the key but being a crowd follower isn’t either. You need to detach yourself emotionally
Investors should remember that excitement and expenses are their enemies
Games are won by players who focus on the playing field –- not by those whose eyes are glued to the scoreboard
If you’re in the luckiest 1% of humanity, you owe it to the rest of humanity to think about the other 99%
The difference between successful people and really successful people is those really successful people say no to almost everything
You’ve gotta keep control of your time, and you can’t unless you say no. You can’t let people set your agenda in life
In the world of business, the people who are most successful are those who are doing what they love
Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future
Somebody once said that in looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if you don’t have the first, the other two will kill you. You think about it; it’s true. If you hire somebody without [integrity], you really want them to be dumb and lazy
Wide diversification is only required when investors do not understand what they are doing
Diversification is protection against ignorance. It makes little sense if you know what you are doing
I learned to go into business only with people whom I like, trust, and admire
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
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
Basically, when you get to my age, you’ll really measure your success in life by how many of the people you want to have love you actually do love you
Honesty is a very expensive gift. Don’t expect it from cheap people
You know… you keep doing the same things and you keep getting the same result over and over again
Tell me who your heroes are and I’ll tell you who you’ll turn out to be
The best thing I did was to choose the right heroes
If you buy things you do not need, soon you will have to sell things you need
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
You cannot make a good deal with a bad person
Uncertainty actually is the friend of the buyer of long-term values
Don’t pass up something that’s attractive today because you think you will find something better tomorrow
The sillier the market’s behavior, the greater the opportunity for the businesslike investor
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
When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever
What we do is not beyond anyone else’s competence. I feel the same way about managing that I do about investing: It’s just not necessary to do extraordinary things to get extraordinary results
It’s only when the tide goes out that you discover who’s been swimming naked
The most important thing to do if you find yourself in a hole is to stop digging
There seems to be some perverse human characteristic that likes to make easy things difficult
Life is like a snowball. The important thing is finding wet snow and a really long hill
Investors should be skeptical of history-based models. Constructed by a nerdy-sounding priesthood using esoteric terms such as beta, gamma, sigma, and the like, these models tend to look impressive. Too often, though, investors forget to examine the assumptions behind the models. Beware of geeks bearing formulas
Over the long term, the stock market news will be good. In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497
I like thinking big. I always have. To me it’s very simple: if you’re going to be thinking anyway, you might as well think big

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