Buffett Success Quotes

If you’re in the luckiest one per cent of humanity, you owe it to the rest of humanity to think about the other 99 per cent.

The difference between successful people and really successful people is that really successful people say no to almost everything.

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

H is for Habit, winners make a habit of doing the things losers don't want to do.

The difference between successful people and very successful people is that very successful people say “no” to almost everything.

The lesson of Buffett was: To succeed in a spectacular fashion you had to be spectacularly unusual.

Warren Buffett said that he would not invest in any business where the owner hasn’t failed at least twice. I love that truly wealthy and successful people understand that failure is part of the process.

Good habits are the basic tools that will determine whether you are a tortoise or hare in life!

In fact, when Warren Buffett was once asked about the key to success, he pointed to a stack of nearby books and said, “Read 500 pages like this every day. That’s how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it.

Warren Buffett, “The difference between successful people and very successful people is that very successful people say no to almost everything.

To be successful, look for the job you will take if you don't need a job

price is what you pay; value is what you get.

In some ways, it's easier to settle for someone else's version of success than to risk falling short at one's own.

This became my own goal: not to be Warren Buffett, but to become a more authentic version of myself. As he had taught me, the path to true success is through authenticity.

You have a choice,” Dan said. “You can be good at those twenty-five things or you can be world-class at the five. Most people have so many things they want to do that they never do a single thing well. If I’ve learned one thing from Mr. Buffett, it’s that the Avoidance List is the secret to being world-class. “Success,” he added, “is a result of prioritizing your desires.

Warren Buffett sums that up: “I always worry about people who say, ‘I’m going to do this for ten years; I really don’t like it very well. And then I’ll do this . . .’ That’s a lot like saving sex up for your old age. Not a very good idea.

You can’t make a good deal with a bad person.

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. —Warren Buffett

The difference between successful people and very successful people is that very successful people say ‘no’ to almost everything.” - Warren Buffett Part I The People-Pleasing Habit Think of a friend or acquaintance whom you’d consider to be a typical people pleaser.

Warren Buffett advised that before you take any morally questionable action, you should ask yourself if you would want your mother to read about it in the newspaper.

More than 2,000 books are dedicated to how Warren Buffett built his fortune. Many of them are wonderful. But few pay enough attention to the simplest fact: Buffett’s fortune isn’t due to just being a good investor, but being a good investor since he was literally a child. As I write this Warren Buffett’s net worth is $84.5 billion. Of that, $84.2 billion was accumulated after his 50th birthday. $81.5 billion came after he qualified for Social Security, in his mid-60s. Warren Buffett is a phenomenal investor. But you miss a key point if you attach all of his success to investing acumen. The real key to his success is that he’s been a phenomenal investor for three quarters of a century. Had he started investing in his 30s and retired in his 60s, few people would have ever heard of him. Consider a little thought experiment. Buffett began serious investing when he was 10 years old. By the time he was 30 he had a net worth of $1 million, or $9.3 million adjusted for inflation.16 What if he was a more normal person, spending his teens and 20s exploring the world and finding his passion, and by age 30 his net worth was, say, $25,000? And let’s say he still went on to earn the extraordinary annual investment returns he’s been able to generate (22% annually), but quit investing and retired at age 60 to play golf and spend time with his grandkids. What would a rough estimate of his net worth be today? Not $84.5 billion. $11.9 million. 99.9% less than his actual net worth. Effectively all of Warren Buffett’s financial success can be tied to the financial base he built in his pubescent years and the longevity he maintained in his geriatric years. His skill is investing, but his secret is time. That’s how compounding works. Think of this another way. Buffett is the richest investor of all time. But he’s not actually the greatest—at least not when measured by average annual returns.

Eighty-five percent of small businesses in this country fail within the first two years. Eight-five percent! That’s a whole lot of failure. Warren Buffett said that he would not invest in any business where the owner hasn’t failed at least twice. I love that truly wealthy and successful people understand that failure is part of the process.

If you don't prioritize your life, someone else will. - Greg McKeown A 'no' uttered from the deepest conviction is better than a 'yes' merely uttered to please, or worse, to avoid trouble. - Mahatma Gandhi The difference between successful people and very successful people is that very successful people say ‘no’ to almost everything.” - Warren Buffett

Buffett is known for thinking carefully when those around him lose their heads. “Success in investing doesn’t correlate with IQ,” he has said. “Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing.

Warren Buffett wisely stated, “The rich invest in time; the poor invest in money.

No business has ever failed with happy customers. You are selling happiness.

It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently. - Warren Buffett

Sitting. Reading. Thinking. Buffett credits many of his successful decisions to his incredible reading habit.

This is how Warren Buffett, one of the most successful people in the business world, describes his typical day: “I just sit in my office and read all day.”2

As Warren Buffett once said, “Someone is sitting in the shade today because someone planted a tree a long time ago.

Honesty is a very expensive gift. Don’t expect it from cheap people.

In the business world, the rearview mirror is always clearer

Because the fact is, when you’re discussing passion, you can’t only judge someone on their success, but on their failures as well.

Time is the friend of the wonderful company, the enemy of the mediocre.

Warren Buffett, the legendary investor and one of the wealthiest men in the world, has used exactly the attributes we’ve explored in this chapter—intellectual persistence, prudent thinking, and the ability to see and act on warning signs—to make billions of dollars for himself and the shareholders in his company, Berkshire Hathaway. Buffett is known for thinking carefully when those around him lose their heads. “Success in investing doesn’t correlate with IQ,” he has said. “Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing.

Many security analysts still believe that agencies are a poor investment. Not so Warren Buffett, one of the most successful investors in the world. He has taken substantial positions in three publicly held agencies, and is quoted as saying, ‘The best business is a royalty on the growth of others, requiring very little capital itself … such as the top international advertising agencies.’ If

Basically, when you get to my age, you'll really measure your success in life by how many of the people you want to have love you actually do love you. I know people who have a lot of money, and they get testimonial dinners and they get hospital wings named after them. But the truth is that nobody in the world loves them. If you get to my age in life and nobody thinks well of you, I don't care how big your bank account is, your life is a disaster. That's the ultimate test of how you have lived your life. The trouble with love it that you can't buy it. You can buy sex. You can buy testimonial dinners. You can buy pamphlets that say how wonderful you are. But the only way to get love is to be lovable. It's very irritating if you have a lot of money. You'd like to think you could write a check: I'll buy a million dollars' worth of love. But it doesn't work that way. The more you give love away, the more you get." — Warren Buffett

Living frugally even when you can afford to live luxurious will not only help you to save money. It will also help you to realize what is truly important in life. The secret that Warren Buffett knows is that money truly cannot buy you happiness. It can buy you a sense of security and it can open many doors for you. However, happiness comes from being engaged in fulfilling work; from strengthening your relationships with those who are most important to you; from doing those things that make you happy.

All 250 + episodes to date can be found at tim.blog/ podcast and itunes.com/ timferriss Jamie Foxx on Workout Routines, Success Habits, and Untold Hollywood Stories (# 124)—tim.blog/ jamie The Scariest Navy SEAL I’ve Ever Met . . . and What He Taught Me (# 107)—tim.blog/ jocko Arnold Schwarzenegger on Psychological Warfare (and Much More) (# 60)—tim.blog/ arnold Dom D’Agostino on Fasting, Ketosis, and the End of Cancer (# 117)—tim.blog/ dom2 Tony Robbins on Morning Routines, Peak Performance, and Mastering Money (# 37)—tim.blog/ tony How to Design a Life—Debbie Millman (# 214)—tim.blog/ debbie Tony Robbins—On Achievement Versus Fulfillment (# 178)—tim.blog/ tony2 Kevin Rose (# 1)—tim.blog/ kevinrose [If you want to hear how bad a first episode can be, this delivers. Drunkenness didn’t help matters.] Charles Poliquin on Strength Training, Shredding Body Fat, and Increasing Testosterone and Sex Drive (# 91)—tim.blog/ charles Mr. Money Mustache—Living Beautifully on $ 25–27K Per Year (# 221)—tim.blog/ mustache Lessons from Warren Buffett, Bobby Fischer, and Other Outliers (# 219)—tim.blog/ buffett Exploring Smart Drugs, Fasting, and Fat Loss—Dr. Rhonda Patrick (# 237)—tim.blog/ rhonda 5 Morning Rituals That Help Me Win the Day (# 105)—tim.blog/ rituals David Heinemeier Hansson: The Power of Being Outspoken (# 195)—tim.blog/ dhh Lessons from Geniuses, Billionaires, and Tinkerers (# 173)—tim.blog/ chrisyoung The Secrets of Gymnastic Strength Training (# 158)—tim.blog/ gst Becoming the Best Version of You (# 210)—tim.blog/ best The Science of Strength and Simplicity with Pavel Tsatsouline (# 55)—tim.blog/ pavel Tony Robbins (Part 2) on Morning Routines, Peak Performance, and Mastering Money (# 38)—tim.blog/ tony How Seth Godin Manages His Life—Rules, Principles, and Obsessions (# 138)—tim.blog/ seth The Relationship Episode: Sex, Love, Polyamory, Marriage, and More (with Esther Perel) (# 241)—tim.blog/ esther The Quiet Master of Cryptocurrency—Nick Szabo (# 244)—tim.blog/ crypto Joshua Waitzkin (# 2)—tim.blog/ josh The Benevolent Dictator of the Internet, Matt Mullenweg (# 61)—tim.blog/ matt Ricardo Semler—The Seven-Day Weekend and How to Break the Rules (# 229)—tim.blog/ ricardo

Materialism in Moderation: The Minimalist Lifestyle of Warren Buffett     This is the home in Omaha that Warren Buffett purchased for $31,500 back in 1957 before he earned his status as a millionaire. This is also the home that Warren Buffett still lives in today, despite his additional wealth.

I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.

Smith in his book and with his life is telling us how to live. Seek wisdom and virtue. Behave as if an impartial spectator is watching you. Use the idea of an impartial spectator to step outside yourself and see yourself as others see you. Use that vision to know yourself. Avoid the seductions of money and fame, for they will never satisfy. How to be virtuous is not so obvious, and that comes next. But I want to close this chapter with Peter Buffett, the man who ended up selling his Berkshire Hathaway stock for $90,000 and giving up the $100 million he could have had in order to pursue a career as a musician. A few years ago, Peter Buffett reflected on his decision to sell his Berkshire Hathaway stock to pursue his dreams in his memoir, Life Is What You Make It. He claims to have no regrets. But could a life as a successful musician possibly be worth giving up $100 million? Wouldn’t $100 million be even more pleasant? Then you ask yourself—what could he have with the extra millions? A nicer car? He could have a Lamborghini Veneno Roadster that retails for about $4 million. Or he could settle for the lovely Ferrari Spider, at $300,000; he could have a couple of those. He could have a mansion you and I can only imagine, anywhere in the world. Like Onassis, he could own an island or two rather than enduring the indignity of visiting an island in the Mediterranean, say, and having to share it with others while staying at a nice hotel. Could those physical pleasures possibly be worth sacrificing the life in music that he dreamed of and ultimately achieved? I think Peter Buffett got a bargain. He gave up $100 million and got something—hard as it is to imagine—that was even more precious. A good life. I think Adam Smith would agree with me.

There is no King of Kings. We all answer to somebody. This includes the world's wealthiest and most powerful people like Bill Gates and Warren Buffett. All of us are Paupers to somebody. We are all somebody's bitch. In a sense, we are in the same boat.

Tax delays are $62bn secret to Buffett’s success Berkshire Hathaway’s annual report highlights investor’s skill at deferring payments to put cash to work elsewhere STEPHEN FOLEY — NEW YORK | 935 words Warren Buffett is one of the most famous, and certainly the richest, proponents of raising taxes.

Try to focus on customers flow and business potential the business you are investing in might or might not have, because that is basically the only way you will be certain that you have made a smart decision.

We intend to continue our practice of working only with people whom we like and admire.

The definition of a great company is one that will be great for 25 or 30 years.

Stan Druckenmiller, reflecting on his unbelievable success as an investor, said that the only way to make superior returns is to concentrate heavily. He thinks “diversification and all the stuff they’re teaching at business school today is probably the most misguided concept everywhere. And if you look at great investors that are as different as Warren Buffett, Carl Icahn, Ken Langone, they tend to be very, very concentrated bets. They see something, they bet it, and they bet the ranch on it… . [T]he mistake I’d say 98 percent of the money managers and individuals make is they feel like they got to be playing in a bunch of stuff.”4

You can gain great insights about investing from a careful study of Buffett’s Generals. He was constantly appraising the value of as many stocks as he could find, looking for the ones where he felt he had a reasonable ability to understand the business and come up with an estimate for its worth. With a prodigious memory and many years of intense study, he built up an expansive memory bank full of these appraisals and opinions on a huge number of companies. Then, when Mr. Market offered one at a sufficiently attractive discount to its appraised value, he bought it; he often concentrated heavily in a handful of the most attractive ones. Good valuation work and proper temperament have always been the two keys pillars of his success as an investor. Buffett

When the game is no longer being played your way, it is only human to say the new approach is all wrong, bound to lead to trouble, etc. I have been scornful of such behavior by others in the past. I have also seen the penalties incurred by those who evaluate conditions as they were—not as they are. Essentially I am out of step with present conditions. On one point, however, I am clear. I will not abandon a previous approach whose logic I understand (although I find it difficult to apply) even though it may mean 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. The

you can simply buy wonderful companies at reasonable prices, and let those companies compound cash over long periods of time. Surprisingly, there aren’t all that many money managers who follow this strategy, even though it’s the one used by some of the world’s most successful investors. (Warren Buffett is the best-known.)

You can be highly successful as an investor without having the slightest ability to value an option. What students should be learning is how to value a business. That’s what investing is all about.

You gotta know when to hold em’ and you gotta know when to fold em’!

the key to his and Buffett’s success has been that “we’ve had a very low opinion of our abilities.

The broader need is not just for technical answers-a better childhood program, more micronutrients--but also for greater empathy. As long as our society sees misfortune as the just deserts of those who are lazy or immoral, we're not going to solve these problems. The flip side is that those who are successful need to understand that the root cause of their achievements isn't just hard work and innate intelligence but also luck in the lottery of birth followed by a supportive middle-class upbringing. 'Society is responsible for a very significant percentage of what I have earned,' notes Warren Buffett. 'If you stuck me down in the middle of Bangladesh or Peru or someplace, you'll find out how much this talent is going to produce in the wrong kind of soil. I will be struggling thirty years later.

This is the reason it is said that that people who read become instantly wiser not because they know what to do, but more because they know – what not to do!

There is no solution outside, there is information but the solution is always inside of you.

If a great person has experienced and amassed enormous knowledge, he will most probably write it through a book.

When you build a bridge, you insist that it can carry 30,000 pounds, but you only drive 10,000 pound trucks across it. You require a margin of safety, and rightly so.” Warren Buffett

doing a job that you don’t like is like saving up sex for your old age.

You would end up with the same day in your life tomorrow if you just enjoyed these habit hacks today and then forget them tomorrow.

Other than learning accounting, which is the language of business, the real key to investment success is to have the right mindset with a temperament compatible with those principles.

Rationality is essential.

were predominately limited to a gas station and unfruitful real estate investments. Unfortunately none of his personal financial ventures during this early period of his marriage were successful. However, It was during this time that Buffet began teaching night courses at the University of Omaha, a feat that would not have been possible for the naturally shy and humble Buffett if it were not for a public speaking course he took at Dale Carnegie University, a degree that Buffett still credits as being the most beneficial to his professional life. “Wall Street is the only place that people ride to in a Rolls-Royce to get advice from those who take the subway.

Market forecasters will fill your ear but never fill your wallet.

We have to decide whether we can sensibly estimate an earnings range for five years out, or more. If the answer is yes, we will buy the stock (or business) if it sells at a reasonable price in relation to the bottom boundary of our estimate.

After Buffett finished undergrad at University of Nebraska in Lincoln, he was working as a stockbroker, which essentially means he was a stock salesman. Though nearly every time Buffett tried to get a meeting with a businessperson in Omaha, he was turned down. No one wanted to meet with a young guy with no credibility, trying to sell them stocks. So Buffett changed his approach—he began calling up businesspeople and made them feel he could save them money on their taxes. All of a sudden the businesspeople said, “Come on in!” And just like that, Buffett booked his meetings. “This is the thing,” I told Corwin. “Although people won’t meet with you for the reason you want, that doesn’t mean they won’t meet at all. Just find another angle.

I read annual reports of the company I’m looking at, and I read the annual reports of the competitors—that is the main source of material.

I like a business that, when it’s not managed at all, still makes lots of money. That’s my kind of business.

Don’t pass up something that’s attractive today because you think you will find something more attractive tomorrow.

You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right.

The difference between successful people and very successful people is that very successful people say no to almost everything.

I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.

The difference between successful people and very successful people is that very successful people say “no” to almost everything.

Buy into a company because you want to own it, not because you want the stock to go up.

The asset I most value, aside from health, is interesting, diverse, and long-standing friends.

Your goal as an investor should simply be to purchase, at a rational price, a part interest in an easily-understandable business whose earnings are virtually certain to be materially higher five, ten and twenty years from now. Over time, you will find only a few companies that meet these standards

Buffett claimed that successful investing requires not extraordinary intellect but extraordinary discipline.

To invest successfully, you need not understand beta, efficient markets, modern portfolio theory, option pricing, or emerging markets. You may, in fact, be better off knowing nothing of these. That, of course, is not prevailing view at most business schools, whose finance curriculum tends to be dominated by such subjects. In our view, though, investment students need only two well-taught courses—How to Value a Business, and How to Think About Market Prices.

There is no solution outside, there is information but the solution is always inside of you. All you need is to take a break and think for yourself.

If you like spending 6–8 hours per week on investments, do it. If you don’t, then dollar-cost average into index funds. This accomplishes diversification across assets and time, two very important things.

The single most important decision in evaluating a business is pricing power. If you have the power to raise prices without losing business to a competitor, you’ve got a very good business.

The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.

Warren Buffett successfully avoids the action bias: “We don’t get paid for activity, just for being right. As to how long we’ll wait, we’ll wait indefinitely.

Buffett’s secret to success is his intense focus—instead of doing more, he does less.

Munger noted that Buffett is the most rational person he has ever known and that Buffett’s ability to learn has been essential to the success of Berkshire.

equity investments are the riskiest and anyone should reconsider investing

तुमच्यापेक्षा उत्तम असणाऱ्या व्यक्तींच्या संगतीत राहणे केव्हाही चांगलेच. तुम्ही जेव्हा असे सहकारी निवडाल तेव्हा तुम्ही तुमच्या यशाकडे जाणारी दिशा निवडलेली असेल हे नक्की. 1962 मध्ये वॉरन बफे दशलक्षाधीश (मिलेनियर) बनले.

I am confident it will not only help you become more disciplined but also a more RATIONAL, OPTIMISTIC, and LONG-TERM investor. The ultimate act of generosity is Warren Buffett sharing his genius with the individual investor!

A great investment opportunity occurs when a marvelous business encounters a one-time huge, but solvable problem.

Much success can be attributed to inactivity. Most investors cannot resist the temptation to constantly buy and sell.

the success of a stock pick heavily relies on the purchase price as much as the productivity of the already-successful business.

Intelligent Investor

Only 2 things matter to get any desired result. Willingness to do and action. The majority fail in executing the second.

Munger observed that it’s a problem to prevent success and wealth from creating your demise. General Motors was the most successful company in the world at one time and then became a victim of its success with large unionization and very tough competition eventually wiping out the shareholders.

Would you rather be the world’s greatest lover, but have everyone think you’re the world’s worst lover? Or would you rather be worst lover but have everyone think you’re the world’s greatest lover?” Now, that’s an interesting question

In teaching your kids, I think the lesson they’re learning at a very, very early age is what their parents put the emphasis on. If all the emphasis is one what the world’s going to think about you, forgetting about how you really behave, you will wind up with an Outer Scorecard. Now, my dad: He was a hundred present Inner Scorecard guy

Now this idea of his resonates closely with Aristotle who said, “It is the mark of an educated mind to be able to entertain a thought without accepting it

you cannot possible succeed until you start!

Curbing the financial sector. Since so much of the increase in inequality is associated with the excesses of the financial sector, it is a natural place to begin a reform program. Dodd-Frank is a start, but only a start. Here are six further reforms that are urgent: (a) Curb excessive risk taking and the too-big-to-fail and too-interconnected-to-fail financial institutions; they’re a lethal combination that has led to the repeated bailouts that have marked the last thirty years. Restrictions on leverage and liquidity are key, for the banks somehow believe that they can create resources out of thin air by the magic of leverage. It can’t be done. What they create is risk and volatility.2 (b) Make banks more transparent, especially in their treatment of over-the-counter derivatives, which should be much more tightly restricted and should not be underwritten by government-insured financial institutions. Taxpayers should not be backing up these risky products, no matter whether we think of them as insurance, gambling instruments, or, as Warren Buffett put it, financial weapons of mass destruction.3 (c) Make the banks and credit card companies more competitive and ensure that they act competitively. We have the technology to create an efficient electronics payment mechanism for the twenty-first century, but we have a banking system that is determined to maintain a credit and debit card system that not only exploits consumers but imposes large fees on merchants for every transaction. (d) Make it more difficult for banks to engage in predatory lending and abusive credit card practices, including by putting stricter limits on usury (excessively high interest rates). (e) Curb the bonuses that encourage excessive risk taking and shortsighted behavior. (f) Close down the offshore banking centers (and their onshore counterparts) that have been so successful both at circumventing regulations and at promoting tax evasion and avoidance. There is no good reason that so much finance goes on in the Cayman Islands; there is nothing about it or its climate that makes it so conducive to banking. It exists for one reason only: circumvention. Many