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THE TAO OF
WARREN BUFFETT
WARREN BUFFETT’S WORDS OF WISDOM
125 QUOTATIONS AND INTERPRETATIONS TO HELP
GUIDE YOU TO BILLION...
Here are 10 rules to launch you on
the road to billionairehood.
No. 1

“Rule No. 1: Never
lose money.
Rule No. 2: Never
forget rule No. 1.”
The great secret to getting
rich is getting yo...
No. 20
“You should invest in a
business that even a fool
can run, because someday
a fool will.”
There are businesses with
...
No. 30

“There is a huge difference between the business that
grows and requires lots of capital to do so and the
business ...
No. 37
“With enough inside
information and a
million dollars, you
can go broke in
a year.”
Face it, by the time inside
inf...
No. 42

“If calculus or algebra
were required to be a
great investor. I’d have
to go back to delivering
newspapers.”
Accor...
No. 44

“The smarter the
journalists are, the better
off society is.”
We get our information for processing
investment idea...
No. 49

“It’s only when the tide goes out that you
learn who’s been swimming naked.”
Creative accounting has let
more than...
No. 54
“If you hit a hole in
one on every hole,
you wouldn’t play
golf for very long.”
A job with challenges
keeps things ...
No. 57

“Never ask a
barber if you need
a haircut.”
Ask an adviser if there is a
problem and he will find a
problem—even if...
No. 79

“When you combine ignorance and
borrowed money, the consequences can
get interesting.”
Ignorance will blind you fr...
Read more in
The Buffett & Clark Series:
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The Tao of Warren Buffett

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A collection of pithy and inspiring sayings from America's favorite businessman that reveal his secrets of success.

Like the sayings of the ancient Chinese philospher Lao-tzu, Warren Buffett's worldly wisdom is deceptively simple and enormously powerful in application. In The Tao of Warren Buffett, Mary Buffett -- author of three books on Warren Buffett's investment methods -- joins noted Buffettologist and international lecturer David Clark to bring you Warren Buffett's smartest, funniest, and most memorable sayings with an eye toward revealing the life philosophy and the investment strategies that have made Warren Buffett, and the shareholders of Berkshire Hathaway, so enormously wealthy.

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Transcript of "The Tao of Warren Buffett"

  1. 1. THE TAO OF WARREN BUFFETT WARREN BUFFETT’S WORDS OF WISDOM 125 QUOTATIONS AND INTERPRETATIONS TO HELP GUIDE YOU TO BILLIONAIRE WEALTH AND ENLIGHTENED BUSINESS MANAGEMENT MARY BUFFETT & DAVID CLARK SCRIBNER an imprint of Simon & Schuster
  2. 2. Here are 10 rules to launch you on the road to billionairehood.
  3. 3. No. 1 “Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1.” The great secret to getting rich is getting your money to compound for you, and the larger sum you start with, all the better.
  4. 4. No. 20 “You should invest in a business that even a fool can run, because someday a fool will.” There are businesses with great underlying economics and businesses with poor underlying economics.
  5. 5. No. 30 “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.” This is the big secret in Warren’s buy-and-hold-forever strategy. If you buy and hold a business that requires lots of capital to grow, your stock is never going to grow in value.
  6. 6. No. 37 “With enough inside information and a million dollars, you can go broke in a year.” Face it, by the time inside information gets to you, everyone else has heard it and traded on it.
  7. 7. No. 42 “If calculus or algebra were required to be a great investor. I’d have to go back to delivering newspapers.” According to Warren, the math skills you need to be a great investor are addition, subtraction, multiplication, division, and the ability to rapidly calculate percentages and probability.
  8. 8. No. 44 “The smarter the journalists are, the better off society is.” We get our information for processing investment ideas from the media, which means we are wholly dependent on journalists for accuracy and proper analysis of what is going on. Do you want dumb people keeping us informed, or do you want intelligent people doing the job?
  9. 9. No. 49 “It’s only when the tide goes out that you learn who’s been swimming naked.” Creative accounting has let more than a few of Wall Street’s darlings rise to the top. But if the real money doesn’t show up at some point, the enthusiasm and illusion fall away, and all that is left is an empty bank account and a bankruptcy filing.
  10. 10. No. 54 “If you hit a hole in one on every hole, you wouldn’t play golf for very long.” A job with challenges keeps things interesting, creates high self-esteem, promotes creativity, and attracts the highestquality people.
  11. 11. No. 57 “Never ask a barber if you need a haircut.” Ask an adviser if there is a problem and he will find a problem—even if there isn’t one.
  12. 12. No. 79 “When you combine ignorance and borrowed money, the consequences can get interesting.” Ignorance will blind you from folly—the borrowed money will allow you to blindly follow your ignorance till you reach the point of folly. Folly is where you lose the money, which you owe the bank.
  13. 13. Read more in The Buffett & Clark Series:
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