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Warren Buffet lessons


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Warren Buffet lesso

Published in: Business, Economy & Finance

Warren Buffet lessons

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