“Determine value apart from price; progress apart from activity; wealth apart from size.”
Wise feeling
Wise Quotes — page 216 of 916
“Warren is one of the best learning machines on this earth. The turtles who outrun the hares are learning machines. If you stop learning in this world, the world rushes right by you.”
“Never, ever, think about something else when you should be thinking about the power of incentives.”
“Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things.”
“You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.”
“Remember that reputation and integrity are your most valuable assets - and can be lost in a heartbeat.”
“The interesting thing about it to me is the mindset. With all these "helpers" running around, they talk about doing deals. We talk about welcoming partners. The guy doing deals, he wants to do a deal and then unwind it in the near future. It's totally opposite for us. We like to build lasting relationships. I think our system will work better in the long term than flipping deals. I think there are so many of them [helpers] that they'll get in ea h other's way. I don't think they'll make enough money to meet their expectations, by flipping, flipping, flipping.”
“Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to hell with them.”
“To us, investing is the equivalent of going out and betting against the pari-mutuel system. We look for a horse with one chance in two of winning, and that pays three to one. In other words, we're looking for a mispriced gamble. That's what investing is, and you have to know enough to know whether the gamble is mispriced.”
“Mankind invented a system to cope with the fact that we are so intrinsically lousy at manipulating numbers. It's called the graph.”
“A rough rule in life is that an organization foolish in one way in dealing with a complex system is all too likely to be foolish in another.”
“It's a finite and very competitive world. All large aggregations of capital eventually find it hell on earth to grow and thus find a lower rate of return.”
“Wesco had a market capitalization of $40 million when we bought it [in the early 1970s]. It's $2 billion now. It's been a long slog to a perfectly respectable outcome - not as good as Berkshire Hathaway or Microsoft, but there's always someone in life who's done better.”
“You're looking for a mispriced gamble. That's what investing is. And you have to know enough to know whether the gamble is mispriced. That's value investing.”
“One day Boudin said to me, 'Learn to draw well and appreciate the sea, the light, the blue sky.' I took his advice.”
“This rule I propose, Always have an ace in the hole. Always try to arrive at Having an ace some place private . Always have an ace in the hole.”
“The superior man does what is proper to the station in which he is; he does not desire to go beyond this. In a position of wealth and honor, he does what is proper to a position of wealth and honor. In a poor and low position, he does what is proper to a poor and low position.”
“There is one single thread binding my way together...the way of the Master consists in doing one's best...that is all.”
“Do not impose on others what you yourself do not desire.”
“If one learns from others, but does not think, one will be bewildered. If, on the other hand, one thinks but does not learn from others, one will be in peril.”