"An investment operation is one
which, upon thorough analysis, promises safety of principal and a satisfactory
return. Operations not meeting these requirements are speculative." - Ben
Graham
“Rule #1: Never Lose Money; Rule #2: Never forget Rule #1.” -Warren Buffett
“Be fearful when others are greedy,
and greedy when others are fearful.” -Warren Buffett
“The less prudence with which others conduct their affairs, the greater the prudence with which we should conduct our own affairs.” -Warren Buffett
"What the wise man does in the beginning, the fool does in the end." -Warren Buffett
“The less prudence with which others conduct their affairs, the greater the prudence with which we should conduct our own affairs.” -Warren Buffett
"What the wise man does in the beginning, the fool does in the end." -Warren Buffett
"We don't have to be smarter
than the rest. We have to be more disciplined than the rest." -Warren
Buffett
"We don't get paid for activity,
just for being right. As to how long we'll wait, we'll wait indefinitely."
- Warren Buffett
"Charlie and I have a number of filters that things have to get through before we'll think about them." -Warren Buffett
“We really can say no in 10 seconds or so to 90%+ of all the things that come along simply because we have these filters.” -Warren Buffett
"Charlie and I have a number of filters that things have to get through before we'll think about them." -Warren Buffett
“We really can say no in 10 seconds or so to 90%+ of all the things that come along simply because we have these filters.” -Warren Buffett
"It takes twenty years to build
a reputation and five minutes to ruin it." -Warren Buffett
"We're emphasizing the knowable by predicting how certain people and companies will swim against the current. We're not predicting the fluctuation in the current." -Charlie Munger
"I think I've been in the top 5% of my age cohort all my life in understanding the power of incentives, and all my life I've underestimated it." - Charlie Munger
"Our job is to find a few
intelligent things to do, not to keep up with every damn thing in the
world." - Charlie Munger
"It is remarkable how much
long-term advantage people like us have gotten by trying to be consistently not
stupid, instead of trying to be very intelligent. There must be some wisdom in
the folk saying: 'It's the strong swimmers who drown.'" – Charlie Munger
"I could see that I was not going to cope as well as I wished with life unless I could acquire a better theory-structure on which to hang my observations and experiences. By then, my craving for more theory had a long history. Partly, I had always loved theory as an aid in puzzle solving and as a means of satisfying my monkey-like-curiosity. And, partly, I had found that theory-structure was a superpower in helping one get what one wanted. As I had early discovered in school wherein I had excelled without labor, guided by theory, while many others, without mastery of theory failed despite monstrous effort. Better theory I thought had always worked for me and, if now available could make me acquire capital and independence faster and better assist everything I loved." - Charlie Munger
"I could see that I was not going to cope as well as I wished with life unless I could acquire a better theory-structure on which to hang my observations and experiences. By then, my craving for more theory had a long history. Partly, I had always loved theory as an aid in puzzle solving and as a means of satisfying my monkey-like-curiosity. And, partly, I had found that theory-structure was a superpower in helping one get what one wanted. As I had early discovered in school wherein I had excelled without labor, guided by theory, while many others, without mastery of theory failed despite monstrous effort. Better theory I thought had always worked for me and, if now available could make me acquire capital and independence faster and better assist everything I loved." - Charlie Munger
“The number one idea is to view a stock as an ownership of the business and to judge the staying quality of the business in terms of its competitive advantage. Look for more value in terms of discounted future cash-flow than you are paying for. Move only when you have an advantage.” – Charlie Munger
Charles Thomas Munger
(born January 1, 1924) is an American business magnate, lawyer,
investor, and philanthropist. He is Vice-Chairman of Berkshire Hathaway
Corporation, the diversified investment corporation chaired by Warren
Buffett; in this capacity, Buffett describes Munger as "my partner."
Munger served as chairman of Wesco Financial Corporation
from 1984 through 2011 (Wesco was approximately 80%-owned by
Berkshire-Hathaway during that time). He is also the chairman of the
Daily Journal Corporation, based in Los Angeles, California, US, and a
director of Costco Wholesale Corporation.
Warren Edward Buffett
(born August 30, 1930) is an American business magnate, investor and
philanthropist. He was the most successful investor of the 20th century.
Buffett is the chairman, CEO and largest shareholder of Berkshire
Hathaway, and consistently ranked among the world's wealthiest people. He was ranked as the world's wealthiest person in 2008 and as the third wealthiest in 2011. In 2012 Time named Buffett one of the world's most influential people.
