He is able to identify his core values and use them to make investment decisions and other important life decisions. It is an honor and a privilege to learn from such a man. We can learn from him great advice to make our lives more successful.
Here’s the secret to success, as revealed by the most intelligent investor ever to have lived on the planet:
Risk explanation:
“Risk is in not knowing what you’re doing.”
Building a reputation is all about
It takes 20 years to build up a reputation, and only five minutes to destroy it. You’ll be able to do things differently if you consider that.
How do you make selections?
“Buy only what you would be happy to keep if the market crashes for 10 years.”
Keep it simple:
“Business schools prefer complex behavior to simple behaviour. Simple behaviour is more effective.”
Cash on the Opportunities:
“You do what you can when it’s possible. There have been times in my life where I had many ideas, and there have also been long dry spells. I will do anything if I have an idea for next week. If I don’t, I won’t do a damned thing.”
Making friends in life:
Honesty is a costly gift. You shouldn’t expect it from people who aren’t wealthy.
Investment guidelines:
“Rule No. 1: Never lose money. Rule No. 2: Never forget rule No.1”
Make it easy for yourself:
“It seems that there is a perverse human characteristic which likes to make difficult things easy.”
Do what is your passion:
“In business, those who do what they love are the most successful.”
Take control of your time with
“You have to take control of your time and say no if you don’t want it.” People can’t set your life’s agenda.
Always look for opportunities:
“Opportunities are rare.” If it rains gold, put the bucket out and not the thimble.
History is irrelevant, but only the present and future are important:
“If the past history were all you needed to play the game money, librarians would be the richest people.”
Select your ideal carefully:
“Tell me about your heroes and I’ll tell ya who they are.”
Long-term Investment Plans:
“If you don’t think about holding a stock for 10+ years, don’t even consider owning it for 10 seconds.”
Every person can improve:
“Investing in yourself is the most important investment you could make.”
Buffett made it clear that you don’t need to be a genius investor to be considered a good one. However, there are a lot of hard work involved and thoroughness required. You need to be familiar with certain investing rules. If you do, you will succeed in life and in your career.
