Warren Buffett Quotes

"Risk comes from not knowing what you're doing."

"The most important thing is to be able to say no."

"You have to be able to explain why you are taking the job you are taking."

"Managers should behave as if they are the owners of the business."

"Look for three things in a person: intelligence, energy, and integrity. If they don't have the last one, don't even bother with the first two."

"In a commodity-type business, you're only as smart as your dumbest competitor."

"An economic moat is a structural barrier that protects a company's profit margins from the competition."

"The business schools reward complex difficult behavior more than simple behavior, but simple behavior is more effective."

"If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy."

"A public-opinion poll is no substitute for thought."

"Do business with people you like and who share your values."

"It takes twenty years to build a reputation and five minutes to ruin it in the game of repeated interactions."

"Read 500 pages like this every day. That's how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it."

"I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business."

"The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd."

"The stock market is designed to transfer money from the Active to the Patient."

"Writing a check doesn’t require any talent; managing a business does."

"You can't produce a baby in one month by getting nine women pregnant."

"The most important thing to do if you find yourself in a hole is to stop digging."

"Cash is to a business as oxygen is to an individual: never thought about when it is present, the only thing in mind when it is absent."

"You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right."

"Invest in yourself. Your own mind is your greatest asset."

"Never invest in a business you cannot understand."

"The most important quality for an investment manager is temperament, not intellect."

"Interest rates are to asset prices what gravity is to the apple. When there are low interest rates, there is a very low gravitational pull on asset prices."

"Somebody's sitting in the shade today because someone planted a tree a long time ago."

"Never ask a barber if you need a haircut."

"I always knew I was going to be successful. I didn't have any doubt about that."

"You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ."

"Predicting rain doesn't count. Building arks does."

"The best investment you can make is in yourself."

"Chains of habit are too light to be felt until they are too heavy to be broken."

"The difference between successful people and really successful people is that really successful people say no to almost everything."