Learning from Warren Buffett"While much of Mr. Buffett's methods can't be duplicated - genius is genius, after all - The Snowball usefully emphasizes a few core Buffett imperatives: taking a close look at an investment's intrinsic value, making a brutal evaluation of its risks, and calculating a margin of safety. The book also underscores the importance of learning from failures. The Buffett-Munger approach is to invert, always invert. Turn a situation or problem upside down. Look at it backward. What's in it for the other guy? What happens if all our plans go wrong? Where don't we want to go, and how do you get there? Instead of looking for success, make a list of how to fail instead." - Paul B. Carroll, Why Panic Passes Him By: All You Wanted to Know About Warren Buffett and More, The Wall Street Journal, October 15, 2008
"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
"The business schools reward difficult, complex behavior more than simple behavior, but simple behavior is more effective." - Warren Buffett
"In a difficult business, no sooner is one problem solved than another surfaces - never is there just one cockroach in the kitchen." - Warren Buffett
"The investor of today does not profit from yesterday’s growth." - Warren Buffett
"A public opinion poll is no substitute for thought. - Warren Buffett
"Never ask the barber if you need a haircut." - Warren Buffett
"A pin lies in wait for every bubble and when the two eventually meet, a new wave of investors learns some very old lessons." - Warren Buffett
"Coca-Cola was Roberto Goizueta’s painting. It was never finished, and he was never totally satisfied with it. But he had the Sistine Chapel in his head, and he was always working on it." - Warren Buffett
"Our prototype for occupational fervor is the Catholic tailor who used his small savings of many years to finance a pilgrimage to the Vatican. When he returned, his parish held a special meeting to get his first-hand account of the Pope. 'Tell us,' said the eager faithful, 'just what sort of fellow is he?' Our hero wasted no words. 'He’s a forty-four medium.'" - Warren Buffett
"A good managerial record (measured by economic returns) is far more a function of what business boat you get into than it is of how effectively you row. 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
"When the whorehouse burns down, even the pretty girls have to run out." - Warren Buffett
Warren Buffett and Bill Gates, Keeping America Great
Transcript: Keeping America Great with Warren Buffett and Bill Gates (PDF)
From Berckshire Hathaway, Inc.
Warren Buffett's Annual Letter to Shareholders: 1977-2008
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