Life Of Warren Buffet
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  • 1. Life Of
    Warren Buffet
  • 2. “I was wired at birth to
    allocate capital and
    lucky enough to have
    people around me early
    on– my parents and
    teachers and Susie [his
    late wife] – who helped
    me make the most of it.”
  • 3. “Risk comes from not knowing what you’re doing.”
  • 4. “There are all kinds of businesses
    that Charlie [Vice Chairman] and I
    don't understand, but that doesn't
    cause us to stay up at night.” 
  • 5. “It just means we go on
    to the next one…Never
    invest in a business you
    cannot understand.”
  • 6.  “I will not abandon a previous approach
    whose logic I understand 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.” 
  • 7.  “How many legs does a dog have if you call his tail a leg? The
    answer: Four, because calling a tail a leg does not make it a leg.” 
  • 8. “You ought to be able to explain
    why you’re taking the job you’re
    taking, why you’re making the
    investment you’re making, or
    whatever it may be,”
  • 9. “And if it can’t stand applying pencil to paper, you’d better think
    it through some more. And if you can’t write an intelligent
    answer to those questions, don’t do it.”
  • 10. Buffett never lost his sense
    of humor. Indeed, it became
    one of his trademarks for
    which he is revered. 
  • 11. 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.”
  • 12.  “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.” 
  • 13. “No man can form an adequate
    idea of the real meaning of the
    word, without coming here.”
  • 14. Buffett nevertheless remained
    entirely 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.” 
  • 15. “It's not that I want
    Money, it's the fun of
    making money and
    watching it grow.”
  • 16. “We enjoy the process far more than the proceeds.”
  • 17. “Somebody once said that
    in looking for people to
    hire, you look for three
    qualities: integrity,
    intelligence, and energy.” 
  • 18. “And if they don't have the first, the other
    two 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.”
  • 19. “We delegate almost to the point
    of abdication.” 
  • 20. “Charlie and I mainly
    attend to capital
    allocation and the
    care and feeding of
    our key managers.” 
  • 21. “Most of these managers are happiest when
    they are left alone to run their businesses, and
    that is customarily how we leave them.”
  • 22. The only contact they have with
    Buffett is if and when hard times
    come. “If there is any significant bad news, let me know early.” 
  • 23. “We can afford to lose money – even a lot of money.” 
  • 24. “We cannot afford to lose
    reputation – even a shred
    of reputation…It takes 20
    years to build a reputation
    and five minutes to ruin it.” 
  • 25. “Look at the business you
    run as if it were the only
    asset of your family, one
    that must be operated for
    the next 50 years and can
    never be sold.”
  • 26. “Working with people
    who cause your stomach
    to churn seems much like
    marrying for money –
    probably a bad idea under
    any circumstances, but
    absolute madness if
    you are rich.” 
  • 27. Buffett was sending the
    message that he had
    complete confidence in
    his staff. In turn, his staff
    rewarded him with hard
    work and loyalty.
  • 28. “You’re neither right nor wrong because other people agree with you.”
  • 29. “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.”
  • 30. “You do things when the
    opportunitiescome along.”
  • 31. “If I get an idea next week, I'll do
    something. If not, I won't do a
    damn thing…Much success can
    be attributed to inactivity.”
  • 32. “I don’t look to jump
    over 7-foot bars: I look
    around for 1-foot bars
    that I can step over.”
  • 33.  “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.”
  • 34. “Should you find yourself in
    a chronically leaking boat,
    energy devoted to changing
    vessels is likely to be more
    productivethan energy
    devoted to patching leaks.”
  • 35. “The important thing is to keep playing, to play
    against weak opponents and to play for big stakes.” 
  • 36. “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.” 
  • 37. “All of you do a first-class job in
    running your operations with
    your own individual styles
  • 38. I've arranged my life so that I can do what I want.
  • 39. “I get to do what I like to do every single day of the year.” 
  • 40. “I really like my life.”
    Thank You Very Much