Warren Buffett Quotes

Most popular Warren Buffett Quotes

Turnarounds seldom turn.
β€” Warren Buffett

business investing

Happiness does not buy you money.
β€” Warren Buffett (Forbes, April 1997; Lincoln journal Star, October 2005)

happiness money

A stock doesn't know that you own it.
β€” Warren Buffett (Berkshire Hathaway 1995 annual meeting)

investing

Praise by name, criticize by category.
β€” Warren Buffett (The Snowball: Warren Buffett and the Business of Life)
Accounting is the language of business.
β€” Warren Buffett (Berkshire Hathaway 1993 annual meeting; Andy Kilpatrick, Of Permanent Value)

accounting

Our favourite holding period is forever.
β€” Warren Buffett

investing long-term thinking

If at first you do succeed, quit trying.
β€” Warren Buffett (Forbes 400, October, 2002)

funny investing

Never ask a barber if you need a haircut.
β€” Warren Buffett (Berkshire Hathaway 1994 annual meeting; Andy Kilpatrick, Of Permanent Value)

business financial industry

It's hard to teach a young dog old tricks.
β€” Warren Buffett (Berkshire Hathaway 1987 annual meeting; Andy Kilpatrick, Of Permanent Value)

age experience

Anything that can't go on forever will end.
β€” Warren Buffett (Vanity Fair, October 1995)
You can't make a good deal with a bad person.
β€” Warren Buffett

business

Risk comes from not knowing what you're doing.
β€” Warren Buffett (The Warren Buffett Way: Investment Strategies of the World’s Greatest Investor)

investing risk-taking

It's not greed that drives the world, but envy.
β€” Warren Buffett (The Tao of Charlie Munger, by David Clark)

envy greed

Risk comes from not knowing what you are doing.
β€” Warren Buffett (β€œBuffett Talks Strategy with Students,” Omaha World-Herald, January, 1994)

investing

Profit from folly rather than participate in it.
β€” Warren Buffett (Warren Buffett Speaks: Wit and Wisdom from the World’s Greatest Investor)

folly

I buy expensive suits. They just look cheap on me.
β€” Warren Buffett (Berkshire Hathaway 1994 annual meeting; Andy Kilpatrick, Of Permanent Value)

funny

A public-opinion poll is no substitute for thought.
β€” Warren Buffett

critical thinking opinions public opinion

If you don't make mistakes, you can't make decisions.
β€” Warren Buffett

mistakes

My idea of a group decision is to look in the mirror.
β€” Warren Buffett (Press conference with Bill Gates, Columbia School of Business, March, 1985)

business decision-making management

You should invest like a Catholic marries β€” for life.
β€” Warren Buffett (Bufettology (1997))

investing

If a business does well, the stock eventually follows.
β€” Warren Buffett

investing

You should look at stocks as small pieces of a business.
β€” Warren Buffett (Warren Buffett speech, New York Society of Security Analysis, December, 1994)

investing

I buy stocks when the lemmings are headed the other way.
β€” Warren Buffett (β€œBuffett Faces Shareholders,” Omaha World-Herald, May, 1986; Berkshire Hathaway 1986 annual meeting)

contrarian investing

That which goes up doesn't necessarily have to come down.
β€” Warren Buffett (Said to Mary Buffett regarding price of Berkshire Hathaway stock)

investing

If principles become dated, they're no longer principles.
β€” Warren Buffett (Berkshire Hathaway 1988 annual meeting)

investing

The smarter the journalists are, the better off society is.
β€” Warren Buffett

journalism

You don't have to make money back the same way you lost it.
β€” Warren Buffett (Berkshire Hathaway 1995 annual meeting)

investing

That which is not worth doing at all is not worth doing well.
β€” Warren Buffett (Berkshire Hathaway 2005 annual meeting)

funny investing

The investor of today does not profit from yesterday's growth.
β€” Warren Buffett

investing

The smartest side to take in a bidding war is the losing side.
β€” Warren Buffett (Q&A session with Columbia Business students, October, 1993, Andy Kilpatrick, Of Permanent Value)

business investing

Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1.
β€” Warren Buffett (Forbes 400, October, 1986)

investing

I've never swung at a ball while it's still in the pitcher's glove.
β€” Warren Buffett (Fortune, March, 1996)

business timing

What we learn from history is that people don't learn from history.
β€” Warren Buffett (Berkshire Hathaway 2004 annual meeting)

history

You pay a very high price in the stock market for a cheery consensus.
β€” Warren Buffett (Forbes, August 1979)

investing

It is easier to stay out of trouble than it is to get out of trouble.
β€” Warren Buffett

business

Investment must be rational; if you don't understand it, don't do it.
β€” Warren Buffett

investing

Forecasts usually tell us more of the forecaster than of the forecast.
β€” Warren Buffett (Fortune, May, 1977)

economics

Be fearful when others are greedy, and greedy when others are fearful.
β€” Warren Buffett

investing

Uncertainty, actually, is the friend of the buyer of long-term values.
β€” Warren Buffett (Forbes, August 1979)

investing

I'd be a bum on the street with a tin cup if the markets were efficient.
β€” Warren Buffett

economics financial industry investing

If you understand an idea, you can express it so others can understand it.
β€” Warren Buffett (β€œWarren BuffettTalks Business,” University of North Carolina Center for Public Television, Chapel Hill, 1995)
It's only when the tide goes out that you learn who's been swimming naked.
β€” Warren Buffett (Berkshire Hathaway 1993 annual meeting; Andy Kilpatrick, Of Permanent Value)

business investing

Wall Street makes its money on activity. You make your money on inactivity.
β€” Warren Buffett (Q&A session with University of Florida MBA students)

financial industry investing

It's not necessary to do extraordinary things to get extraordinary results.
β€” Warren Buffett (Fortune magazine, April 1986)

investing

The reaction of weak management to weak operations is often weak accounting.
β€” Warren Buffett

business

If you hit a hole in one on every hole, you wouldn't play golf for very long.
β€” Warren Buffett

adversity challenges

I made my first investment at age eleven. I was wasting my life up until then.
β€” Warren Buffett (Berkshire Hathaway 2004 annual meeting)

investing

If they need my help to manage the enterprise, we are probably both in trouble.
β€” Warren Buffett (Berkshire Hathaway 1991 annual meeting; Andy Kilpatrick, Of Permanent Value)

business management

It is impossible to unsign a contract, so do all your thinking before you sign.
β€” Warren Buffett

business

In the business world, the rearview mirror is always clearer than the windshield.
β€” Warren Buffett (The Tao of Warren Buffett)

business

With enough inside information and a million dollars, you can go broke in a year.
β€” Warren Buffett

investing

Never be afraid to ask for too much when selling or offer too little when buying.
β€” Warren Buffett

business

The most important thing to do if you find yourself in a hole is to stop digging.
β€” Warren Buffett

business investing

In the business world, the rear view mirror is always clearer than the windshield.
β€” Warren Buffett

management

The chains of habit are too light to be felt until they are too heavy to be broken.
β€” Warren Buffett (β€œWarren Buffett Talks Business,” PBSTV University of North Carolina, 1995)

habit

There is nothing like writing to force you to think and get your thoughts straight.
β€” Warren Buffett (β€œWarren Buffett Talks Business,” University of North Carolina, Center for Public Television, Chapel Hill, 1995)

critical thinking writing

It won't be the economy that will do in investors; it will be investors themselves.
β€” Warren Buffett (Berkshire Hathaway 2004 annual meeting)

investing

You can always juice sales by going down-market, but it's hard to go back upmarket.
β€” Warren Buffett (Berkshire Hathaway 2003 annual meeting)

business management

When you combine ignorance and borrowed money, the consequences can get interesting.
β€” Warren Buffett (Berkshire Hathaway 1995 annual meeting)

business investing

Someone is sitting in the shade today because someone planted a tree a long time ago.
β€” Warren Buffett (Vanity Fair, October 1996; NewsInc., January 1991)

investing long-term thinking

If past history was all there was to the game, the richest people would be librarians.
β€” Warren Buffett

history

You should invest in a business that even a fool can run, because someday a fool will.
β€” Warren Buffett (Bill Gates, β€œWhat I Learned from Warren Buffett,” Harvard Business Review, January/February 1996; widely quoted)

investing

Wide diversification is only required when investors do not understand what they are doing.
β€” Warren Buffett

diversification investing

To many on Wall Street, both companies and stocks are seen only as raw materials for trades.
β€” Warren Buffett (Michael Lewis, β€œThe Temptation of St. Warren,” The New Republic, February, 1992, Berkshire Hathaway 2005 annual meeting)

financial industry

There seems to be some perverse human characteristic that likes to make easy things difficult.
β€” Warren Buffett

investing

We enjoy the process far more than the proceeds, though I have learned to live with those also.
β€” Warren Buffett (Forbes, October, 1990; Andy Kilpatrick, Of Permanent Value)

business

Only buy something that you'd be perfectly happy to hold if the market shut down for ten years.
β€” Warren Buffett

investing long-term thinking

I don't try to jump over seven foot bars; I look around for one foot bars that I can step over.
β€” Warren Buffett (New York Times Magazine, April, 1990)

investing

If we can't find things within our circle of competence, we don't expand the circle. We'll wait.
β€” Warren Buffett (Berkshire Hathaway 1995 annual meeting)

investing

I want to be able to explain my mistakes. This means I do only the things I completely understand.
β€” Warren Buffett (Omaha World-Herald, December, 1968)

investing mistakes

It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
β€” Warren Buffett

investing

You want to learn from experience, but you want to learn from other people's experience when you can.
β€” Warren Buffett

experience

We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.
β€” Warren Buffett

investing

I am a better investor because I am a businessman, and a better businessman because I am an investor.
β€” Warren Buffett (Forbes 400, O ctober 18, 1993)

business investing

A simple rule dictates my buying: Be fearful when others are greedy, be greedy when others are fearful.
β€” Warren Buffett (Essays of Warren Buffett)

greed

You only have to do a very few things right in your life so long as you don't do too many things wrong.
β€” Warren Buffett

investing

The fact that people are full of greed, fear, or folly is predictable. The sequence is not predictable.
β€” Warren Buffett (β€œThe Convictions of a Long-Distance Investor,” Channels, November 1986)

human nature

Read Ben Graham and Phil Fisher, read annual reports, but don't do equations with Greek letters in them.
β€” Warren Buffett (Berkshire Hathaway 1993 annual meeting; Andy Kilpatrick, Of Permanent Value)

investing

When proper temperament joins up with the proper intellectual framework, then you get rational behavior.
β€” Warren Buffett (Forbes 400, October, 1993)

human nature

The key is that the stock market basically just sets prices, so it exists to serve you, not instruct you.
β€” Warren Buffett (Berkshire Hathaway 2006 annual meeting)

investing

We have never bought a new issue of a junk bond. The only time to buy these is on a day with no "y" in it.
β€” Warren Buffett (The Essays of Warren Buffett: Lessons for Corporate America)

investing

If calculus or algebra were required to be a great investor, I'd have to go back to delivering newspapers.
β€” Warren Buffett (Warren Buffett speech, New York Society of Security Analysis, December, 1994)

investing

Wall Street is the only place that people ride to in a Rolls-Royce to get advice from those who take the subway.
β€” Warren Buffett

financial industry

Any business craving of the leader, however foolish, will be quickly supported by studies prepared by his troops.
β€” Warren Buffett (Los Angeles Times Magazine, April, 1991)

management

Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing.
β€” Warren Buffett (Berkshire Hathaway 1996 annual meeting)

diversification investing

Marrying for money is probably a bad idea under any circumstances, but it is absolutely nuts if you are already rich.
β€” Warren Buffett (Fortune magazine; Warren Buffett's speech at Columbia School of Business, October, 1993)

marriage money

Lose money for the firm, and I will be understanding. Lose a shred of reputation for the firm, and I will be ruthless.
β€” Warren Buffett
Look at stock market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.
β€” Warren Buffett (Warren Buffett speech, New York Society of Security Analysis, December, 1994)

investing

If you let yourself be undisciplined on the small things, you will probably be undisciplined on the large things as well.
β€” Warren Buffett (Chicago Tribune, December, 1985)

discipline investing

The business schools reward difficult, complex behavior more than simple behavior, but simple behavior is more effective.
β€” Warren Buffett (Channels, November 1986)

business investing

A pin lies in wait for every bubble, and when the two eventually meet, a new wave of investors learn some very old lessons.
β€” Warren Buffett

investing

Consistently buy an S&P 500 low-cost index fund I think is the thing that makes the most sense practically all of the time.
β€” Warren Buffett (CNBC's On The Money)

investing passive investing

Why not invest your assets in the companies you really like? As Mae West said, 'Too much of a good thing can be wonderful.'
β€” Warren Buffett

diversification investing

For some reason people take their cues from price action rather than from values. Price is what you pay. Value is what you get.
β€” Warren Buffett

investing value

We also believe candor benefits us as managers: The CEO who misleads others in public may eventually mislead himself in private.
β€” Warren Buffett

management

In a difficult business, no sooner is one problem solved than another surfacesβ€”never is there just one cockroach in the kitchen.
β€” Warren Buffett

business

It takes twenty years to build a reputation and five minutes to lose it. If you think about that, you will do things differently.
β€” Warren Buffett (New York Times, April, 2005)

business reputation

The less prudence with which others conduct their affairs, the greater the prudence with which we should conduct our own affairs.
β€” Warren Buffett (Anthony Sampson, The Midas Touch (New York: Dutton, 1990))
The difference between successful people and very successful people is that very successful people say "no" to almost everything.
β€” Warren Buffett (Bloomberg Businessweek)

saying no

Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.
β€” Warren Buffett (Harvard Business Review)

business leadership management vision

With each investment you make, you should have the courage and the conviction to place at least 10% of your net worth in that stock.
β€” Warren Buffett

investing

You have to think for yourself. It always amazes me how high IQ people mindlessly imitate. I never get good ideas talking to other people.
β€” Warren Buffett (U.S. News and World Report, June 1994, p. 58; Andy Kilpatrick, Of Permanent Value)

critical thinking

No matter how great the talent or effort, some things just take time: You can't produce a baby in one month by getting nine women pregnant.
β€” Warren Buffett

patience

The market, like the Lord, helps those who help themselves. But unlike the Lord, the market does not forgive those who know not what they do.
β€” Warren Buffett

investing

As far as I am concerned, the stock market doesn't exist. It is only there as a reference to see if anybody is offering to do anything foolish.
β€” Warren Buffett

economics financial industry investing

Recommending something to be held for thirty years is a level of self- sacrifice you'll rarely see in a monastery, let alone a brokerage house.
β€” Warren Buffett

financial industry investing

The trick is not to pick the right company. The trick is to essentially buy all the big companies through the S&P 500 and to do it consistently.
β€” Warren Buffett

diversification investing passive investing

We don't go into companies with the thought of effecting a lot of changes. That doesn't work any better in investments than it does in marriages.
β€” Warren Buffett (Fortune, April 1988)

business investing marriage

Money, to some extent, sometimes lets you be in more interesting environments. But it can't change how many people love you or how healthy you are.
β€” Warren Buffett

health money

Great investment opportunities come around when excellent companies are surrounded by unusual circumstances that cause the stock to be misappraised.
β€” Warren Buffett (β€œMeeting Charlie Munger,” Forbes, January, 1996)

investing

Managing your career is like investingβ€”the degree of difficulty does not count. So you can save yourself money and pain by getting on the right train.
β€” Warren Buffett

career investing

Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can't buy what is popular and do well.
β€” Warren Buffett (β€œOmaha’s Plains Dealer,” Newsweek, April, 1985)

contrarian investing

There is a huge difference between the business that grows and requires lots of capital to do so and the business that grows and doesn't require capital.
β€” Warren Buffett (Berkshire Hathaway 1994 annual meeting; Andy Kilpatrick, Of Permanent Value)

business

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.
β€” Warren Buffett

investing long-term thinking

We do not have, never have had, and never will have an opinion about where the stock market, interest rates, or business activity will be a year from now.
β€” Warren Buffett (Forbes, October, 1997; Andy Kilpatrick, Of Permanent Value)

economics investing

A friend of mine spent twenty years looking for the perfect woman; unfortunately, when he found her, he discovered that she was looking for the perfect man.
β€” Warren Buffett

relationships

The great personal fortunes in this country weren't built on a portfolio of fifty companies. They were built by someone who identified one wonderful business.
β€” Warren Buffett (Berkshire Hathaway 1996 annual meeting)

business

We believe that according the name investors to institutions that trade actively is like calling someone who repeatedly engages in one-night stands a romantic.
β€” Warren Buffett

financial industry funny investing

Of the billionaires I have known, money just brings out the basic traits in them. If they were jerks before they had money, they are simply jerks with a billion dollars.
β€” Warren Buffett (Andy Kilpatrick, Of Permanent Value)

wealth

When a management team with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.
β€” Warren Buffett

business management

Of the seven deadly sins, envy is the silliest, because if you have it, you don't feel better. You feel worse. I've had some good times with gluttony. We won't get into lust.
β€” Warren Buffett (Berkshire Hathaway 2006 annual meeting)

envy funny morals sin

When management with a reputation for brilliance tackles a business with a reputation for poor fundamental economics, it is the reputation of the business that remains intact.
β€” Warren Buffett

investing

The really good business manager doesn't wake up in the morning and say, 'This is the day that I am going to cut costs,' any more than he wakes up and decides to practice breathing.
β€” Warren Buffett (Fortune, April 1988)

business management

I can't be involved in fifty or seventy-five things. That's a Noah's ark way of investing; you end up with a zoo that way. I like to put meaningful amounts of money in a few things.
β€” Warren Buffett (Wall Street Journal, September 1987)

diversification investing

At the beginning, prices are driven by fundamentals, and at some point, speculation drives them. It's that old story: What the wise man does in the beginning, the fool does in the end.
β€” Warren Buffett (Berkshire Hathaway 2006 annual meeting)

investing

Our method is very simple. We just try to buy businesses with good-to-superb underlying economics run by honest and able people and buy them at sensible prices. That's all I'm trying to do.
β€” Warren Buffett (December 6, 1994, special meeting of the New York Society of Financial Analysts)

investing

Can you really explain to a fish what it is like to walk on land? One day on land is worth a thousand years talking about it, and one day running a business has exactly the same kind of value.
β€” Warren Buffett (Carol J. Loomis, β€œThe Inside Story of Warren Buffett,” Fortune, April, 1988)

business

If I can't make money in a $5 trillion U.S. market, it may be a little bit of wishful thinking to think that all I have to do is get a few thousand miles offshore and I'll start showing my stuff.
β€” Warren Buffett (The University of North Carolina Center for Public Television, 1995; Andy Kilpatrick, Of Permanent Value (Birmingham, AL: AKPE, 2004); Berkshire Hathaway 2005 annual meeting)

investing

We never look back. We just figure there is so much to look forward to that there is no sense thinking of what we might have done. It just doesn't make any difference. You can only live life forward.
β€” Warren Buffett (Q&A session with University of Florida MBA students)

business investing

When a chief executive officer is encouraged by his advisers to make deals, he responds much as would a teenage boy who is encouraged by his father to have a normal sex life. It's not a push he needs.
β€” Warren Buffett

management

The stock market is a no-called-strike game. You don't have to swing at everythingβ€”you can wait for your pitch. The problem when you're a money manager is that your fans keep yelling, 'Swing, you bum!'
β€” Warren Buffett (Berkshire Hathaway 1999 annual meeting)

investing

Chapter 8 in Ben Graham's The Intelligent Investor about the attitude towards stock market fluctuations and chapter 20 on the margin of safety are the two most important essays ever written on investing.
β€” Warren Buffett

investing

Costs really matter in investments. If returns are going to be 7 or 8 percent and you're paying 1 percent for fees, that makes an enormous difference in how much money you're going to have in retirement.
β€” Warren Buffett

investing

In the search for companies to acquire, we adopt the same attitude one might find appropriate in looking for a spouse: It pays to be active, interested, and open-minded, but it does not pay to be in a hurry.
β€” Warren Buffett

business investing

I look for businesses in which I think I can predict what they're going to look like in ten to fifteen years' time. Take Wrigley's chewing gum. I don't think the Internet is going to change how people chew gum.
β€” Warren Buffett

investing

In looking for someone to hire, you look for three qualities: integrity, intelligence, and energy. But the most important is integrity, because if they don't have that, the other two qualities, intelligence and energy, are going to kill you.
β€” Warren Buffett (Omaha World-Herald, January, 1994, p. 17S; Q&A session with University of Florida students, 1998)

career management

The rich are always going to say that, you know, just give us more money and we'll go out and spend more and then it will all trickle down to the rest of you. But that has not worked the last 10 years, and I hope the American public is catching on.
β€” Warren Buffett

economics

I learned that it pays to hang around with people better than you are, because you will float upward a little bit. And if you hang around with people that behave worse than you, pretty soon you'll start sliding down the pole. It just works that way.
β€” Warren Buffett (The Snowball: Warren Buffett and the Business of Life)
A good managerial record is far more a function of what business boat you get into than it is of how effectively you row. 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.
β€” Warren Buffett

business management

There comes a time when you ought to start doing what you want. Take a job that you love. You will jump out of bed in the morning. I think you are out of your mind if you keep taking jobs that you don't like because you think that it will look good on your rΓ©sumΓ©. Isn't that a little like saving up sex for your old age?
β€” Warren Buffett

career

I'm very suspect of the person who is very good at one businessβ€”it also could be a good athlete or a good entertainerβ€”who starts thinking they should tell the world how to behave on everything. For us to think that just because we made a lot of money, we're going to be better at giving advice on every subjectβ€”well, that's just crazy.
β€” Warren Buffett (Q&A session with University of Florida MBA students)
Wouldn't it be great if we could buy love for $1 million. But the only way to be loved is to be lovable. You always get back more than you give away. If you don't give any, you won't get any. There's nobody I know who commands the love of others who doesn't feel like a success. And I can't imagine people who aren't loved feel very successful.
β€” Warren Buffett (Berkshire Hathaway 2003 annual meeting)

love

Imagine that you had a car and that was the only car you'd have for your entire lifetime. Of course, you'd care for it well, changing the oil more frequently than necessary, driving carefully, etc. Now, consider that you only have one mind and one body. Prepare them for life, care for them. You can enhance your mind over time. A person's main asset is themselves, so preserve and enhance yourself.
β€” Warren Buffett (Berkshire Hathaway 2002 annual meeting)

exercise health self-improvement

Stocks are the things to own over time. Productivity will increase and stocks will increase with it. There are only a few things you can do wrong. One is to buy or sell at the wrong time. Paying high fees is the other way to get killed. The best way to avoid both of these is to buy a low-cost index fund, and buy it over time. Be greedy when others are fearful, and fearful when others are greedy, but don't think you can outsmart the market.
β€” Warren Buffett (The Snowball: Warren Buffett and the Business of Life)

investing