Warren Buffet lessons
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Transcript of Warren Buffet lessons
![Page 1: Warren Buffet lessons](https://reader034.fdocuments.in/reader034/viewer/2022052117/54b97e654a7959396a8b4569/html5/thumbnails/1.jpg)
Warren BuffetLife Of
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“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.”
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“Risk comes from not knowing what you’re doing.”
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“There are all kinds of businesses that Charlie [Vice Chairman] and Idon't understand, but that doesn'tcause us to stay up at night.”
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“It just means we go onto the next one…Never
invest in a business youcannot understand.”
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“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.”
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“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.”
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“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,”
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“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.”
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Buffett never lost his senseof humor. Indeed, it became
one of his trademarks for which he is revered.
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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.”
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“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.”
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“No man can form an adequateidea of the real meaning of the
word, without coming here.”
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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.”
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“It's not that I wantMoney, it's the fun ofmaking money and watching it grow.”
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“We enjoy the process far more than the proceeds.”
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“Somebody once said thatin looking for people to hire, you look for three
qualities: integrity, intelligence, and energy.”
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“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.”
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“We delegate almost to the pointof abdication.”
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“Charlie and I mainlyattend to capital
allocation and thecare and feeding ofour key managers.”
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“Most of these managers are happiest when they are left alone to run their businesses, and
that is customarily how we leave them.”
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The only contact they have withBuffett is if and when hard timescome. “If there is any significant
bad news, let me know early.”
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“We can afford to lose money – even a lot of money.”
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“We cannot afford to losereputation – even a shredof reputation…It takes 20
years to build a reputation and five minutes to ruin it.”
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“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.”
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“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.”
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Buffett was sending the message that he had
complete confidence in his staff. In turn, his staffrewarded him with hard
work and loyalty.
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“You’re neither right nor wrong because other people agree with you.”
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“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.”
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“You do things when theopportunities come along.”
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“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.”
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“I don’t look to jumpover 7-foot bars: I lookaround for 1-foot bars
that I can step over.”
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“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.”
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“Should you find yourself ina chronically leaking boat,
energy devoted to changingvessels is likely to be more
productive than energydevoted to patching leaks.”
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“The important thing is to keep playing, to play against weak opponents and to play for big stakes.”
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“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.”
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“All of you do a first-class job inrunning your operations with
your own individual styles
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I've arranged my life so that I can do what I want.
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“I get to do what I like to do every single day of the year.”
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“I really like my life.”
Thank You Very MuchSompong Yusoontorn