Well, in the midst of trying times on the Markets here are some pearls of wisdom from the Master himself WARREN BUFFETT.
-Money will not change how healthy you are or how many people love you.
-Don’t gamble, but watch for unusual circumstances. Excellent investment opportunities come about when superior businesses experience a one time event that depresses the stock price in relation to it’s intrinsic value.
-The future is never clear. You pay a very high price in the stock market for a cheery consensus. Uncertainty is the friend of the buyer of long-term values.
-Price is what you pay, value is what you get.
-We don’t get paid for activity, we get paid for being right.
-I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.
-Buy so well, you don’t have to sell. Don’t buy for 10 minutes.
-We like to buy businesses; we don’t like to sell them.
-We think diversification, as practiced generally, makes very little sense for anyone who knows what they are doing. Diversification serves as protection against ignorance.
-We don’t get into things we don’t understand. We buy very few things, but we buy very big positions. Know what you own, own a few and buy a lot.
-It is not necessary to do extraordinary things to get extraordinary results.
-If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes.
-[Boat with a leak] Instead of great managers trying to fix the leak and spending all of their time bailing water, they may be better advised to find another boat.
-I don’t try to jump over seven-foot bars; I just look around for one-foot bars that I can step over.
-The dumbest reason in the world to buy a stock is because it is going up.
-The way to wealth is as plain as the road to the supermarket. It depends on two words, industry and frugality.
-In the short run, the market is a voting machine. In the long run, it’s a weighing machine.
-One lesson is not to overly fixate on what you have paid for a stock, the second is not to rush unthinkingly and grab a small profit.
-The key is having more information than the other guy – then analysing it right and using it rationally
-A stock might be the right to own a piece of a business, and the intrinsic value of the stock was something you could estimate, but with a margin of safety, you can sleep at night.
-It is far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
-Good jockeys will do well on good horses but not on broken down nags
-Writing a cheque separates conviction from conversation.
-Personally I have never used more than 25% borrowed money in my life, including when I had only $10,000 and had ideas that made me wish I had $1,000,000.00.
-It takes a lifetime to build a reputation and a five minutes to ruin it
-Rule number 1: don’t lose money. Rule number 2: don’t forget rule number one.
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