Warren Buffett's 60 Years of Classic Quotes: To understand that money works for you, not you work for money

1. How much wealth you can accumulate in your life does not depend on how much money you can earn, but how you invest and manage your finances. Money is better than people looking for money. You must understand that money works for you, not you.

　　2. The best deals, in the beginning, almost always tell you not to buy from the numbers.

　　3. We got to where we are now because we care about finding those one-foot obstacles that we can jump over, not having the ability to fly over seven feet.

　　4. I am greedy when others are fearful, and fearful when others are greedy.

　　5. If you don't want to own a stock for ten years, don't think about owning it for ten minutes. This is the first hurdle a so-called value investor has to go through when deciding to buy a stock.

　　6. It is foolish to own a stock and expect it to rise the next morning.

　　7. Never ask the barber if you need a haircut.

　　8. Anything that cannot develop forever will eventually perish.

　　9. Investing is not a game where a person with an IQ of 160 can beat someone with an IQ of 130.

　　10. The market is like God, helping those who help themselves, but unlike God, he will not forgive those who do not know what they are doing. So don't touch anything you don't understand.

　　11. Even if Fed Chairman Alan Greenspan secretly told me his monetary policy for the next two years, I would not change any of my actions. To rely on independent thinking.

　　12. I only do what I fully understand. Do not know not to do.

　　13. Different people understand different industries. The most important thing is to know which industries you understand yourself and when your investment decisions are well within your own circle of competence.

　　14. A lot of things can be profitable to do, but you have to stick to only those things that are within your ability. There is no way we can knock Tyson down. Or to stay within the circle of competence.

　　15. For your circle of competence, the most important thing is not the size of the circle of competence, but how you can determine the boundaries of the circle of competence.

　　16. No circumstance will drive me to make an investment decision outside my circle of competence.

　　17. I am a very realistic person, I know what I can do, and I love my job.

　　18. For most investors, what matters is not what they know, but whether they really understand what they don't know.

　　19. Be sure to invest as much as your understanding allows.

　　20. If we can't find what we need within our confidence, we won't expand. We will just wait.

　　21. Investment must be rational. If you can't understand it, don't do it.

　　22. Our job is to focus on what we know, which is very, very important. Still the circle of competence.

　　23. Start saving and investing early. This is the best habit to develop.

　　24. I have been working on the distribution of funds since I was eleven years old, and it has been so until now.

　　25. From prophecy you can learn much about the prophets, but little about the future.

　　26. I have an internal scoring card. If I do something that other people don't like, but I feel good about, I'll be happy.

　　27. If the market was always efficient, I would only be a tramp on the street with a tin can in hand.

　　28. Investing in a market where people believe in market efficiency is like playing bridge with someone who has been told there is no benefit to looking at cards.

　　29. Your current finance course may only help you to do mediocre things. Anyone who is very good at investing is willing to teach investing.

　　30. There is no formula for calculating intrinsic value. You have to understand the business (you have to understand the business of the business you plan to buy).

　31. Don't wait for a business to hit rock bottom to buy its stock. The stock of the selected business should be sold for less than you think it is worth and the business should be run by honest and competent people.

　　However, if you can buy shares of a business for less than what it is currently worth, you have confidence in its management, and at the same time you buy a group of shares similar to the business, then you can make money just around the corner. .

　　32. Today's investors don't profit from yesterday's growth. So can't invest based on past pe or peg.

　　33. Berkshire is like the Metropolitan Museum of Art in the business world, and we prefer to collect the greatest companies of our time. Great businesses are like antiques that get more and more valuable.

　　34. It is very difficult to truly understand the characteristics and complexities of the culture that raised you, let alone the myriad other cultures. Regardless, most of our shareholders pay their bills in dollars.

　　35. You are dealing with a lot of idiots in the market; it's like a huge casino where everyone but you is guzzling. If you drink Pepsi all the time, you might hit the jackpot.

　　36. We don't need too many people in China to gamble with unnecessary tools closely related to the stock market, nor do we need too many brokers who encourage them to do so.

　　What we need are investors and advisors who can make investments based on a company's vision. What we need are smart investors, not stock market gamblers who profit from leveraged buyouts.

　　37. If I were to pick an insurance company or a paper company, I would put myself in the picture and imagine that I just inherited that company and that it will be the only property our family will ever own.

　　38. What will I do with it? What should I consider? What should I worry about? Who are my competitors? Who are my customers? I will go out and talk to customers. From the conversations I will find out what the strengths and weaknesses of my particular business are compared to other businesses.

　　39. If you have done this, you may know the business better than the management of the business.

　　40. If you happen to have a good idea about a business in your life, you are lucky. Basically, Coca-Cola is the best big business in the world.

　　41. If you give me $100 billion in exchange for the world leadership in Coca-Cola, I'll give you the money back and say 'it's not possible'.

　　42. If there is a nuclear war, please ignore the event.

　　43. When business was down, we spread rumors that our sweets had an aphrodisiac effect, which was very effective. But rumors are lies, and candy is not.

　　44. Only when the tide goes out will you know who has been swimming naked.

　　45. We don't have to slaughter the dragons, we do well just by avoiding them.

　　46. ​​The chain of habit is always light enough to be imperceptible until it breaks.

　　47. If you basically learn from others, you don't need to have too many new ideas of your own, you just need to apply the best knowledge you have learned.

　　48. I never plan to make money the day after I buy a stock. When I buy a stock, I always assume that the exchange will close tomorrow, and then reopen it and resume trading after 5 years.

　　49. Don't invest in a business that a fool can do, because one day a fool will do it.

　　50. If you are successful at the beginning, don't look for another way. Still the circle of competence.

　　51. I hope you don't think that the stock you own is just a piece of paper that prices change every day, and that if some economic or political event makes you nervous, it will be your candidate to sell.

　　52. By investing in index funds on a regular basis, those outsider investors can achieve better performance than most professional investment masters!

　　53. Our goal is to make the profits of our holding partners come from the business, not the stupidity of other co-owners.

　　54. With my ideas and your money, we will do well.

　　55. Wanting to engage in swing operations in the stock market is something that God does, not man.

　　56. In 1919, the Coca-Cola Company went public at a price of around $40. A year later, the stock is down 50% to just $19. Then there's the bottling issue, sugar price hikes, and so on.

　　A few years later, the Great Depression, World War II, the nuclear arms race, and so on, there are always adverse events of one kind or another.

　　However, if you bought a share for $40 at the beginning, and then you continued to invest the dividends in it, now the $40 in Coca-Cola stock has become 5 million. This fact overwhelms everything. If you get the business model right, you can make a lot of money.

　　57. An outstanding enterprise can predict what may happen in the future, but does not necessarily know when it will happen.

　　The focus needs to be on the "what", not the "when". If the "what" judgment is correct, then there is no need to worry about the "when".

　　58. The way out you are looking for is to come up with a good method, and then persevere and do your best until you turn your dream into a reality.

　　But on Wall Street, where you're bidding against each other every five minutes, and people are buying and selling right under your nose, it's hard to stay unmoved.

　　59. Wall Street relies on constant transactions to make money, and you make money by not buying and selling. Everyone in this room trades the stocks you own with each other every day, and eventually everyone goes bankrupt and all the money goes into the brokerage's pocket.

　　Conversely, if you sit there for 50 years, like a typical business, you end up making a lot of money and your brokerage company goes bankrupt.

　　60. When a successful business class encounters a declining industry, it is often the latter who has the upper hand.

　　61. The so-called "turnover" enterprises rarely have successful cases in the end. Instead of spending time and energy on buying cheap and rotten enterprises, it is better to invest in some high-quality enterprises at a fair price.

　　62. Investors must keep in mind that your investment results are not graded in the way of Olympic diving competitions. The difficulty level is not important. The return you get from investing in a company that is easy to understand and continues to be competitive is the same as your hard work. Analyzing a business with constant variables and complexity is comparable.

63. In recent years, my investment focus has shifted. We don't want to buy the worst furniture at the cheapest price, we want the best furniture at a reasonable price.

　　64. When some large companies are temporarily in crisis or the stock market falls and there is a profitable transaction price, they should not hesitate to buy their shares.

　　65. Experience shows that companies that generate new highs of earnings often do business in the same way they did five or even ten years ago.

　　66. We don't end a less profitable business just because we want to increase the company's profit figure by one percentage point, but at the same time, we also feel that it is not appropriate to unconditionally support a completely unpromising investment just because the company is very profitable. Very well, Adam Smith must not agree with my first opinion, and Karl Marx will disagree with my second opinion, and adopting the middle way is the only thing that will give me peace of mind.

　　67. A horse that can count to ten is a great horse, but not a great mathematician. The same textile company that can use capital rationally is a great textile company, but it is not a great company.

　　68. I don't know anything about the general economy. Exchange rates and interest rates are unpredictable at all. Fortunately, I don't care about it when I do analysis and choose investment targets. A lot of people think that they can understand better than Lao Bus by reading the news, isn't it ridiculous?

　　69. Interest rates are like the gravitational pull of investing.

　　70. The decision to sell the company's McDonald's stock was a serious mistake, and all in all, you should have made more money last year if I had often slipped away to the movies during the market open.

　　71. A group of lemmings is no different from a group of self-serving individualists on Wall Street when they disagree.

　　72. The only value of a stock forecaster is to make the fortune teller look good.

　　73. I can sleep soundly every night just thinking that 2.5 billion men will need to shave the next morning. (Investment Geely Case)

　　74. When thinking about accounting principles, managers must keep in mind a slang phrase most often used by President Lincoln: "If a dog includes its tail, how many legs does it have?

　　75. It never occurred to us to predict the future direction of the stock market.

　　76. Short-term stock market forecasts are poison, and they should be placed in the safest place, away from children and investors who behave like children in the stock market.

　　77. People are accustomed to calling speculators who enter and exit the stock market on a daily basis as investors, just as everyone regards a love liar who keeps having one-night stands as a romantic lover.

　　78. The so-called business with franchise rights refers to those enterprises that can easily increase the price and only need to invest some extra money to increase the sales volume and market share.

　　79. Some companies have towering moats, guarded by ferocious crocodiles, pirates and sharks. This is the company you should invest in.

　　80. We should focus on what will happen, not when.

　　81. Investing is both a sport and entertainment for me.

　　82. A great business is defined as follows: A business that remains a great business in 25 or 30 years.

　　83. Our investments are still focused on a few stocks and are conceptually very simple: really great investment ideas can often be summed up in a single sentence. We like a business that has a sustainable competitive advantage and is run by a group of people who are both competent and dedicated to serving shareholders. When we find a business with these characteristics that we can buy at a reasonable price, it's almost impossible to go wrong. "Really great investment ideas can often be summed up in one simple sentence!"

　　84. If someone sells a good investment in the belief that a bear market is coming, that person will find that, usually after selling a stock, the so-called bear market immediately turns into a bull market, and once again misses the opportunity.

　　85. We welcome the fall in the market because it allows us to pick up more stocks at new, frighteningly cheap prices.

　　86. People who can't afford a 50% drop in stock prices shouldn't invest in stocks.

　　87. When people forget the most basic common sense that "two plus two equals four", it is time to get out of the game.

　　88. If we have firm long-term investment expectations, short-term price swings mean nothing to us unless they give us the opportunity to increase our holdings at a cheaper price.

　　89. I have never had self-doubt. I've never been discouraged.

　　90. For every investment, you should have the courage and confidence to invest more than 10% of your net worth.

　　91. If you lack self-confidence, guilty conscience and fear will lead to your investment fiasco. Investors who lack self-confidence tend to get nervous and often sell stocks when they are falling. But it's just like crazy behavior, like you just bought a house for $100,000 and immediately told the agent that it would sell if someone offered $80,000.

　　92. The reason why I can have today's investment achievements is to rely on my own self-discipline and the stupidity of others.

　　93. I am a realist, I like what I am doing now, and I have always believed in it. As a thorough realist, I am only interested in reality and never have any illusions, especially myself.

　　94. I'm not the most popular person in life, but I'm not the most annoying person either. I don't belong to any kind of person.

　　95. One of the things that attracted me to securities work is that it allows you to live the life you want to live. You don't have to dress up to be successful.

　　96. These numbers are the wealth I will have in the future. Although I don't have so much now, I will earn it one day.

　　97. I don't measure the value of my life by the money I earn. Others might do it, but of course I don't.

　　98. Money, in a way, can sometimes make your situation better, but it can't change your health or make someone love you.

　　99. I won't get any happiness from huge consumption, and enjoyment itself is not the root cause of my thirst for wealth. To me, money is just a proof, a scoreboard for the game I love.

　　100. I always knew that I would be rich, and I never had the slightest doubt about it.

　　101. What I want is not money. I think it's fun to make money and watch it grow.

　　102. Although I also live on income, I am more infatuated with the process than the income.

　　103. I have a black canvas, and I have a lot of paint, and I get what I want. Now I have a greater amount of wealth, but, years ago, I had just as much fun when the money was smaller. Because I know that what I want to do will definitely be achieved.

　　104. People who have passion for work but no greed, and who are fascinated by the investment process are suitable for this job. Selfishness will destroy oneself. Of course, people who are indifferent to money or indifferent to wealth are not suitable for playing this 'game', because if he doesn't like it, he has no passion.

　　105. I don't feel good about myself if I push away the people who once trusted me.

　　106. I don't trade any job with my job, and my job involves political life.

　　107. I can't imagine anything in life that I want but can't have.

　　108. My outlook on food and dieting was hopelessly established early on—it was the product of a wildly successful party for my 50th birthday. We ate hot dogs, hamburgers, soft drinks, popcorn, and ice cream.

　　109. Any young man who doesn't play bridge has made a big mistake.

　　110. I often say that I don't mind going to jail if I have 3 other cellmates who can play bridge.

　　111. I've learned to only do business with people I like, trust and admire, and basically don't work with people I don't like. The so-called financial freedom is not having a lot of money, but not doing things you don’t like for money.

　　112. I respect what my children are doing, and I don't think my lifestyle is any better than any of them.

　　If they're willing to get into investing, that's fine, but I don't expect them to. I do have a letter accompanying my will.

　　The letter said that if any of my descendants showed interest in my profession, they should be given a light priority, but only a light priority.

　　113. I want him to spell his name in lowercase so that everyone realizes that he is the moneyless Buffett.

　　(When Buffett's son Howard ran for governor of Omaha, voters mistakenly assumed that his last name would give his campaign good financial support. But the opposite was true, Buffett said.)

　　114. Never lie under any circumstances. Ignore lawyers.

　　Once you start getting lawyers involved in your affairs, they will generally tell you 'don't say anything'. If you can get to the bottom of the problem and think about it, you'll never mess things up.

　115. If you want to live a super rich life, don't count on your father. (to the children)

　　116. Even if Jesse Owens' child wants to participate in the 100-meter race, he cannot enjoy the treatment of starting from the 50-meter line.

　　117. Rich people should leave enough wealth to their children so that they can do what they want to do, but they can't let them have enough wealth to do nothing.

　　118. Everyone thinks that food stamps make people more debilitated and will lead to a cycle of poverty, but they don't realize that they are also the people who distribute food stamps, running around all day, wanting to give them The child leaves a ton of money.

　　119. If Microsoft President Bill Gates is asked to sell hot dogs, he can also become the hot dog king.

　　120. Bill Gates is my good friend. He is probably the smartest person in the world. As for what that little thing (referring to the computer) does, I don't know at all.

　　121. I have half a dozen close friends. Half male, half female, just like a good deal. I like them and admire them. They are honest people.

　　122. I remember asking a woman who survived Auschwitz the question of what friendship is. She replied that her test was: 'Are they going to hide anything from me?'

　　123. Whoever is in the trench with me can put a gun to my head.

　　124. Choose any honest person as a colleague at work. It comes down to this being the most important factor. I don't deal with people I don't like or admire. This is the key. It's a bit like marriage.

　　125. I work with passionate people and I do what I want to do in life. Why can't I? If I can't even do what I want to do, that's the hell!

　　126. Someone once said that when looking for hire, you look for three qualities—integrity, diligence, and energy.

　　And, if they don't possess the first quality, the remaining two will destroy you. You have to think about this, it is absolutely true. If you hire someone who doesn't have the second quality, you actually want them to be dumb and lazy.

　　127. An owner or investor can do great things if he tries to combine himself with the managers who manage the business well.

　　128. Anyone involved in complex work needs colleagues.

　　129. The key to life is to position yourself accurately.

　　130. If I can't be a millionaire by the age of 30, I'll jump off the tallest building in Omaha.

　　131. In a marathon, the premise that you want to run first is to run the entire distance.

　　132. It was not fun to be a horse when the tractor came out, or a blacksmith when the automobile came out.

　　133. Philosophers tell us to do what we like and success will follow.

　　134. The key to life is to find out who works for whom.

　　135. Some college students at Harvard asked me, who should I work for? I answer, go and work for the person you admire the most. Two weeks later, I got a call from the school's provost. He said, what did you say to the children? They all became self-employed.

　　136. In addition to the rules, follow the guidance of the example.

　　137. In addition to a wealth of knowledge and sound judgment, courage is the most valuable asset you have.

　　138. If you want to swim fast, it is better to use the power of the tide than to paddle with your hand.

　　139. Opinion polls cannot represent ideas.

　　140. Tradition (wisdom) is long, and popular wisdom is short.

141. Never engage in careers that are painful now, but may be much better 10 years from now. If you don't appreciate what you're doing today, you probably won't appreciate it 10 years from now.

　　142. Everyone will be deeply affected, and the American mind will never go back to the way it was before. (About the impact of "911")

　　143. In life, if you choose your hero correctly, you are lucky. I recommend all of you to pick as many heroes as you can.

　　144. If you are a duck in a pond, the water level rises due to the rainstorm, and you start to float in the water world. But at this point you think it's you who floated up, not the pond.

　　145. Can you really explain to a fish what it feels like to walk on land? For fish, a day on land is worth thousands of years of empty talk.

　　146. When the right temperament is combined with the right intellectual structure, you get rational behavior.

　　147. That would be like picking the eldest son of the 2000 Olympic gold medalist to make up the 2020 team. (said when opposing the abolition of estate tax)

　　148. Don't use money that belongs to you and you need to earn money that doesn't belong to you and you don't need. It's so stupid to risk what's important to you to win something that doesn't matter to you, even if your success-to-failure ratio is 100 to 1, or 1,000 to 1.

　　149. It's also stupid not to spend your most precious time doing things you don't like just to make your resume look better.

　　150. The more tools are designed, the smarter the people who use them.

　　151. The penchant for gambling is always stimulated by the investment of a large prize against a small investment, however small the odds may seem. That's why Las Vegas casinos advertise their jackpots, and state lotteries feature their jackpots in headlines.

　　152. There was a time when we had a dog that lived on our roof. Once my son called it, it jumped off the roof. Still alive, but with a broken leg. This is really scary. The dog loves you so much that he jumps off the roof, so you can put people in the same situation.

　　153. We are not purely economic animals, and policies sometimes put us at a serious disadvantage to some extent, but we prefer to be faithful to our partners in life.

　　What's the point of getting rich and becoming a slightly more famous person if you keep cutting ties with people you like or admire or who you find interesting? We love big shots, but that doesn't mean we're excluding everything else.

　　154. People are rational, because no matter what they do, they can always find reasons.

　　155. Owning a part of a diamond is also much better than owning a rhinestone entirely.

　　156. You should go to the business field you admire or the person you admire to find a job. At any moment, you may meet someone by your side who might benefit you a lot, or an organization that you feel good about, and at that moment you must find a good outcome.

　　I would suggest that you never go into careers that are painful now, but might be much better 10 years from now; in other words, don't because you have ⅹ dollars now, you might get 10 times as much later On ⅹ dollar idea. If you don't appreciate your career today, you probably won't appreciate it 10 years from now.

　　157. The improvement of the level of economic welfare depends on the greater return of the real capital invested in modern production facilities. If there is a lack of continuous creativity and the lack of investment in new and expensive capital goods, then the huge labor market, huge Consumer demand, and an equally huge government commitment, will only lead to a huge economic failure. This is an equation that the Russians and the Rockefellers understand.

　　158. A reversal of exemplary behavior may even be more important than the rules themselves, although rules are necessary. During my tenure as chairman, I have asked all of Salomon's 9,000 employees to help me in this effort.

　　I have also urged staff, beyond the rules, to follow the lead of example and to carefully consider the consequences of any kind of business practice.

　　A clerk should ask himself if he would like to see his misconduct criticized by reporters on the front page of a local newspaper where it can be read by his spouse, children and friends.

　　Inside Solomon, we don't test the legality of any behavior just for that. However, as a company, we should appreciate that any misconduct is shameful.

　　159. We don't have to be smarter than others, but we must have more self-control than others.

　　160. I am rational. Many people have a higher IQ than me, and many people work longer and harder than me, but I do things more rationally. You must be able to control yourself and not let your emotions control your sanity.

　　161. If you can't control yourself, sooner or later you will be in trouble.

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