Mr. Buffett's Advice Me Centered

He was so clever coming up with this too: Assiduity is the ability to sit on your ass and do nothing until a great opportunities presents itself

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Mr. Buffett also came up with this: Buy a stock the way you would buy a house. Understand and like it such that youd be content to own it in the absence of any market.

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I wonder what inspired this quote too: Successful Investing takes time, discipline and patience. No matter how great the talent or effort, some things just take time: You cant produce a baby in one month by getting nine women pregnant.

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I wonder what inspired this quote too: Calling someone who trades actively in the market an investor is like calling someone who repeatedly engages in one-night stands a romantic.

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Another sage word from Mr. Buffett is: Someones sitting in the shade today because someone planted a tree a long time ago.

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How can you use this quote too: Charlie and I would follow a buy-and-hold policy even if we ran a tax-exempt institution.

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Another sage word from Mr. Buffett is: 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 fly epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.

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Mr. Buffett also said this: Time is the friend of the wonderful company, the enemy of the mediocre.

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His mind produced this as well: When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.

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I think about this quote a lot too: f you arent willing to own a stock for ten years, dont even think about owning it for ten minutes

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I think about this quote a lot too: Only buy something that youd be perfectly happy to hold if the market shut down for 10 years.

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I wonder what inspired this quote too: 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.

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Mr. Buffett also came up with this: We select such investments on a long-term basis, weighing the same factors as would be involved in the purchase of 100% of an operating business: (1) favorable long-term economic characteristics; (2) competent and honest management; (3) purchase price attractive when measured against the yardstick of value to a private owner; and (4) an industry with which we are familiar and whose long-term business characteristics we feel competent to judge.

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I think about this quote a lot too: If each of us hires people who are smaller than we are, we shall become a company of dwarfs. But, if each of us hires people who are bigger than we are, we shall become a company of giants.

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I think you should take this into consideration too: Somebody once said that in looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if you dont have the first, the other two will kill you. You think about it; its true. If you hire somebody without [integrity], you really want them to be dumb and lazy.

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I think you should take this into consideration too: Having first-rate people on the team is more important than designing hierarchies and clarifying who reports to whom.

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He was so clever coming up with this too: Culture, more than rule books, determines how an organization behaves.

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Mr. Buffett also came up with this: Rationality frequently wilts when the institutional imperative comes into play. For example: (1) As if governed by Newtons First Law of Motion, an institution will resist any change in its current direction; (2) Just as work expands to fill available time, corporate projects or acquisitions will materialize to soak up available funds; (3) Any business craving of the leader, however foolish, will be quickly supported by detailed rate-of-return and strategic studies prepared by his troops; and (4) The behavior of peer companies, whether they are expanding, acquiring, setting executive compensation or whatever, will be mindlessly imitated.

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Another sage word from Mr. Buffett is: In the long run managements stressing accounting appearance over economic substance usually achieve little of either.

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He was so clever coming up with this too: Talking to Time Magazine a few years back, Peter Drucker got to the heart of things: ‘I will tell you a secret: Dealmaking beats working. Dealmaking is exciting and fun, and working is grubby. Running anything is primarily an enormous amount of grubby detail work . . . dealmaking is romantic, sexy. Thats why you have deals that make no sense.

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His mind produced this as well: Loss of focus is what most worries Charlie and me when we contemplate investing in businesses that in general look outstanding. All too often, weve seen value stagnate in the presence of hubris or of boredom that caused the attention of managers to wander.

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I think about this quote a lot too: When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.

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I hold this quote from Mr. Buffett dear to my heart as well: I try to buy stock in businesses that are so wonderful that an idiot can run them because sooner or later, one will.

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I hold this quote from Mr. Buffett dear to my heart as well: I had a great teacher in life in my father. But I had another great teacher in terms of profession in terms of Ben Graham. I was lucky enough to get the right foundation very early on. And then basically I didnt listen to anybody else. I just look in the mirror every morning and the mirror always agrees with me. And I go out and do what I believe I should be doing. And Im not influenced by what other people think.

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I hold this quote from Mr. Buffett dear to my heart as well: You shouldnt own common stocks if a 50% decrease in their value in a short period of time would cause you acute distress.

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Mr. Buffett also came up with this: Games are won by players who focus on the playing field –- not by those whose eyes are glued to the scoreboard.

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Mr. Buffett also said this: If youve been playing poker for half an hour and you still dont know who the patsy is, youre the patsy.

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I think you should take this into consideration too: There seems to be some perverse human characteristic that likes to make easy things difficult

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Another sage word from Mr. Buffett is: I dont look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.

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I wonder what inspired this quote too: Intensity is the price of excellence.

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His mind produced this as well: In some corner of the world they are probably still holding regular meetings of the Flat Earth Society. We derive no comfort because important people, vocal people, or great numbers of people agree with us. Nor do we derive comfort if they dont.

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How can you use this quote too: Youre dealing with a lot of silly people in the marketplace; its like a great big casino and everyone else is boozing. If you can stick with Pepsi, you should be O.K.

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I wonder what inspired this quote too: The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.

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How can you use this quote too: But a pin lies in wait for every bubble. And when the two eventually meet, a new wave of investors learns some very old lessons: First, many in Wall Street — a community in which quality control is not prized — will sell investors anything they will buy. Second, speculation is most dangerous when it looks easiest.

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Mr. Buffett also said this: What the wise do in the beginning, fools do in the end.

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He was so clever coming up with this too: Failing conventionally is the route to go; as a group, lemmings may have a rotten image, but no individual lemming has ever received bad press

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I think you should take this into consideration too: In a bull market, one must avoid the error of the preening duck that quacks boastfully after a torrential rainstorm, thinking that its paddling skills have caused it to rise in the world. A right-thinking duck would instead compare its position after the downpour to that of the other ducks on the pond.

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I wonder what inspired this quote too: Nothing sedates rationality like large doses of effortless money.

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I think about this quote a lot too: You need to divorce your mind from the crowd. The herd mentality causes all these IQs to become paralyzed. I dont think investors are now acting more intelligently, despite the intelligence. Smart doesnt always equal rational. To be a successful investor you must divorce yourself from the fears and greed of the people around you, although it is almost impossible.

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I wonder what inspired this quote too: 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.

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I wonder what inspired this quote too: If past history was all that is needed to play the game of money, the richest people would be librarians.

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I think about this quote a lot too: What we learn from history is that people dont learn from history.

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I think you should take this into consideration too: In the business world, the rearview mirror is always clearer than the windshield.

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Mr. Buffett also came up with this: The best thing is to learn from other guys mistakes. [General George S.] Patton used to say, 'It's an honor to die for your country; make sure the other guy gets the honor.' There are a lot of mistakes that Ive repeated. The biggest one, the biggest category over time, is being reluctant to pay up a little for a business that I knew was really outstanding.

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I hold this quote from Mr. Buffett dear to my heart as well: Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.

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His mind produced this as well: In the 54 years (Charlie Munger and I) have worked together, we have never forgone an attractive purchase because of the macro or political environment, or the views of other people. In fact, these subjects never come up when we make decisions.

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Mr. Buffett also said this: Weve long felt that the only value of stock forecasters is to make fortune tellers look good. Even now, Charlie and I continue to believe that short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children.

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I hold this quote from Mr. Buffett dear to my heart as well: I believe in giving my kids enough so they can do anything, but not so much that they can do nothing.

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I wonder what inspired this quote too: If your employees, including your CEO, wish to give to their alma maters or other institutions to which they feel a personal attachment, we believe they should use their own money, not yours.

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His mind produced this as well: I dont have a problem with guilt about money. The way I see it is that my money represents an enormous number of claim checks on society. Its like I have these little pieces of paper that I can turn into consumption. If I wanted to, I could hire 10,000 people to do nothing but paint my picture every day for the rest of my life. And the GDP would go up. But the utility of the product would be zilch, and I would be keeping those 10,000 people from doing AIDS research, or teaching, or nursing. I dont do that though. I dont use very many of those claim checks. Theres nothing material I want very much. And Im going to give virtually all of those claim checks to charity when my wife and I die.

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I think about this quote a lot too: I wont close down a business of subnormal profitability merely to add a fraction of a point to our corporate returns. I also feel it inappropriate for even an exceptionally profitable company to fund an operation once it appears to have unending losses in prospect. Adam Smith would disagree with my first proposition and Karl Marx would disagree with my second; the middle ground is the only position that leaves me comfortable.

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I hold this quote from Mr. Buffett dear to my heart as well: Honesty is a very expensive gift, dont expect it from cheap people.

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Mr. Buffett also came up with this: It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, youll do things differently.

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How can you use this quote too: Tell me who your heroes are and Ill tell you how youll turn out to be.

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Mr. Buffett also came up with this: Writing a check separates a commitment from a conversation.

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His mind produced this as well: Its better to hang out with people better than you. Pick out associates whose behavior is better than yours and youll drift in that direction.

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His mind produced this as well: The difference between successful people and really successful people is that really successful people say no to almost everything.

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I think you should take this into consideration too: Youve gotta keep control of your time, and you cant unless you say no. You cant let people set your agenda in life.