Happy Birthday, Warren Buffett! Here Are 30 Of His Best Quotes
Warren Buffett, the world's greatest investor, was born during the Great Depression on August 30th, 1930 in Omaha, Nebraska.
In honor of the eminently quotable "Oracle of Omaha's" 88th birthday, here's a list of 30 of his greatest quotes. Some challenge conventional wisdom, many are humorous and all of them will provide insight into the mind of a truly unique individual.
"In the business world, the rearview mirror is always clearer than the windshield."
"If you are in a poker game and after 20 minutes you don’t know who the patsy is, then you’re the patsy."
"It takes 20 years to build a reputation and 5 minutes to ruin it. If you think about that, you'll do things differently."
"You only find out who is swimming naked when the tide goes out."
"Can you really explain to a fish what it’s like to walk on land? One day on land is worth a thousand years of talking about it, and one day running a business has exactly the same kind of value."
"Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No.1."
"Risk comes from not knowing what you’re doing."
"Nobody buys a farm based on whether they think it's going to rain next year. They buy it because they think it's a good investment over 10 or 20 years."
"Never invest in a business you can’t understand."
"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."
“Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.”
"It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price."
"Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing."
"Successful investing takes time, discipline and patience. No matter how great the talent or efforts, some things just take time. You can't produce a baby in one month by getting nine women pregnant."
“Our favorite holding period is forever.”
"I've seen more people fail because of liquor and leverage -- leverage being borrowed money. You really don't need leverage in this world much. If you're smart, you're going to make a lot of money without borrowing."
"Be fearful when others are greedy and greedy when others are fearful."
On being rich:
“I always knew I was going to be rich. I don’t think I ever doubted it for a minute.”
"If past history was all that is needed to play the game of money, the richest people would be librarians."
"The rich invest in time, the poor invest in money."
“The difference between successful people and really successful people is that really successful people say no to almost everything.”
"It's better to hang out with people better than you. Pick out associates whose behavior is better than yours and you'll drift in that direction."
"It is not necessary to do extraordinary things to get extraordinary results."
"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."
"I measure success by how many people love me."
“The most important investment you can make is in yourself.”
"Only when you combine sound intellect with emotional discipline do you get rational behavior."
“Honesty is a very expensive gift. Don’t expect it from cheap people.”
"Without passion, you don’t have energy. Without energy, you have nothing."
"Tell me who your heroes are and I’ll tell you who you’ll turn out to be.”
Happy birthday, Warren.