warren buffet lessons
Post on 29-Jan-2018
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Warren BuffetLife Of
“I was wired at birth toallocate capital and
lucky enough to havepeople around me early
on – my parents and teachers and Susie [hislate wife] – who helpedme make the most of it.”
“Risk comes from not knowing what you’re doing.”
“There are all kinds of businesses that Charlie [Vice Chairman] and Idon't understand, but that doesn'tcause us to stay up at night.”
“It just means we go onto the next one…Never
invest in a business youcannot understand.”
“I will not abandon a previous approach whose logic I understand even though it maymean foregoing large, and apparently easy,
profits to embrace an approach which I don't fully understand, have not practiced
successfully, and which possibly could lead to substantial permanent loss of capital.”
“How many legs does a dog have if you call his tail a leg? Theanswer: Four, because calling a tail a leg does not make it a leg.”
“You ought to be able to explainwhy you’re taking the job you’retaking, why you’re making the investment you’re making, or
whatever it may be,”
“And if it can’t stand applying pencil to paper, you’d better thinkit through some more. And if you can’t write an intelligent
answer to those questions, don’t do it.”
Buffett never lost his senseof humor. Indeed, it became
one of his trademarks for which he is revered.
When his mathematics and investments were once challenged,Buffet shot back, saying, “There are three kinds of people in this
world: Those who can count, and those who can’t.”
“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 adequateidea of the real meaning of the
word, without coming here.”
Buffett nevertheless remainedentirely serious when it came to making money. “The first rule is not to lose,” he says. “The second
rule is not to forget the first rule.”
“It's not that I wantMoney, it's the fun ofmaking money and watching it grow.”
“We enjoy the process far more than the proceeds.”
“Somebody once said thatin looking for people to hire, you look for three
qualities: integrity, intelligence, and energy.”
“And if they don't have the first, the othertwo will kill you. You think about it; it's true.If you hire somebody without the first, you
really want them to be dumb and lazy.”
“We delegate almost to the pointof abdication.”
“Charlie and I mainlyattend to capital
allocation and thecare and feeding ofour key managers.”
“Most of these managers are happiest when they are left alone to run their businesses, and
that is customarily how we leave them.”
The only contact they have withBuffett is if and when hard timescome. “If there is any significant
bad news, let me know early.”
“We can afford to lose money – even a lot of money.”
“We cannot afford to losereputation – even a shredof reputation…It takes 20
years to build a reputation and five minutes to ruin it.”
“Look at the business yourun as if it were the only asset of your family, onethat must be operated forthe next 50 years and cannever be sold.”
“Working with peoplewho cause your stomach
to churn seems much likemarrying for money –
probably a bad idea underany circumstances, but
absolute madness if you are rich.”
Buffett was sending the message that he had
complete confidence in his staff. In turn, his staffrewarded him with hard
work and loyalty.
“You’re neither right nor wrong because other people agree with you.”
“You’re right because your facts are right and your reasoning is right – and that’s the only thing that makes you right. And if your facts and
reasoning are right, you don’t have to worry about anybody else.”
“You do things when theopportunities come along.”
“If I get an idea next week, I'll dosomething. If not, I won't do a
damn thing…Much success canbe attributed to inactivity.”
“I don’t look to jumpover 7-foot bars: I lookaround for 1-foot bars
that I can step over.”
“One’s objective should be to get it right,get it quick, get it out, and get it over…your
problem won’t improve with age.”
“Should you find yourself ina chronically leaking boat,
energy devoted to changingvessels is likely to be more
productive than energydevoted to patching leaks.”
“The important thing is to keep playing, to play against weak opponents and to play for big stakes.”
“I tap dance to work, and when I get there,I think I’m supposed to lie on my back and
paint the ceiling. It’s tremendous fun.”
“All of you do a first-class job inrunning your operations with
your own individual styles
I've arranged my life so that I can do what I want.
“I get to do what I like to do every single day of the year.”
“I really like my life.”
Thank You Very MuchSompong Yusoontorn
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