Thursday, April 26, 2018

Buffett's Wisdom

“What I basically got from my father is unconditional love. Unconditional love is huge in this world … Whatever I did, he was all for it. It didn’t matter how much money I made or anything like that. It was just, ‘Do your best in whatever you take on.’ ”
“I don’t work to collect money. I work because I love what I’m doing.” “I have no use for it (Money). Society does have a use for it. And it so happens that I’m in a business where lots of money comes in when I do it right.”
“My life would be worse if I had six or eight houses. It just doesn’t correlate.”
“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.”
“Neither of us wanted to be a lowly subordinate in some dominant hierarchy that told us what to do and what to think. That’s why we got the money primarily—because we wanted the independence.”
“It’s very important, always to live your life by an inner scorecard, not an outer scorecard.”
“Would you prefer to be considered the best lover in the world and know privately that you’re the worst—or would you prefer to know privately that you’re the best lover in the world, but be considered the worst?”
“Hang out with people better than you, and you cannot help but improve. If you hang around with people who behave worse than you, pretty soon you’ll start being pulled in that direction.”
“Just pick out the person you admire the most in the class, and sit down and write the reasons why you admire him… Nothing could be more simple than to try and figure out what you find admirable and then decide that the person you really would like to admire is yourself. And the only way you’re going to do it is to take on the qualities of other people you admire.”
“The best thing I did was to choose the right heroes. It all comes from Graham. I still wonder how he would feel about anything I do.”
“Thanks for the invitation, but I’ll have to decline. I’ve talked about Ben on a number of occasions, so my appraisal of him is already out there for people to see. In addition, every interview I grant results in about 20 more requests. That’s a geometric progression that I have no inclination to foster.”
“You’ve got to keep control of your time, and you can’t unless you say no. You can’t let people set your agenda in life.”
“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that you’ll do things differently.”
“Stick Within Your Circle of Competence”
“It’s so important to be truthful because, if you engage in untruthfulness, ultimately you will lie to yourself. And that’s where you really get in trouble. So, it’s a habit and a discipline that, in addition to being the right thing to do, just works.”
“In financial markets, almost anything that can happen does happen. And it pays to conduct your affairs so that no matter how foolish other people get, you’re still around to play the game the next day. Whenever a really bright person who has a lot of money goes broke, it’s because of leverage.”
“Predicting rain doesn’t count. Building arks does.”
“Nice People Come In All Colors”
“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. I know people who have a lot of money, and they get testimonial dinners and they get hospital wings named after them. But the truth is that nobody in the world loves them. If you get to my age in life and nobody thinks well of you, I don’t care how big your bank account is, your life is a disaster.
“That’s the ultimate test of how you have lived your life. The trouble with love is that you can’t buy it. You can buy sex. You can buy testimonial dinners. You can buy pamphlets that say how wonderful you are. But the only way to get love is to be lovable. It’s very irritating if you have a lot of money. You’d like to think you could write a check: I’ll buy a million dollars’ worth of love. But it doesn’t work that way. The more you give love away, the more you get.”
~ Warren Buffett, now one of the world’s richest persons, has lived in the same house in Omaha, Nebraska since the 1950’s. He has built enormous wealth through a set of very no-nonsense, and some say even ruthless investing principles.
Photo ~ Selfie With Warren Buffett and Paul McCartney on a Bench in Omaha

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