13 of The Best of the Oracle of Omaha’s quotes and 1 liners from over the years. It’s amazing how much you can learn from listening to this man. Even when he is so modest, speaks so little, yet is so wise and intelligent when investing. And also, a little lucky. I mean, that definitely helps in this game.
#13. “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”.
We all know how infrequently opportunities come knocking on our door in investing. It’s no different for a billionaire. When they come, we need to seize those moments and grab what we can.
#12. “Long ago, Ben Graham taught me that ‘Price is what you pay; value is what you get.’ Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.”
#11. “I’ve seen more people fail because of liquor and leverage — leverage being borrowed money. You really don’t need leverage in this world much. If you’re smart, you’re going to make a lot of money without borrowing.”
People succeed in life in countless different ways but failures group around a few key themes. As such, you learn more from people’s failures than people’s successes. People need to learn to look at success stories in their respective fields and learn what worked and how to replicate it and make it better rather than what didn’t and what not to do.
#10. “I am a better investor because I am a businessman, and a better businessman because I am an investor.”
#9. “What we learn from history is that people don’t learn from history.”
People don’t necessarily learn from historical data which causes us to make the same mistakes over and over again. Businesses think just because it didn’t work before, it may work this time…and it usually doesn’t. Just as with every war that has happened, economic crash, or other significant issues of the past 100 years, we could’ve prevented the 2nd or 3rd instances if we would’ve just read the signs from the past of what was to come. Yet we think things will be different the 2nd time around.
#8. “Diversification is a protection against ignorance. It makes very little sense for those who know what they’re doing.”
Don’t just bet all your chips on 1 horse. Mix your sectors up. What may be strong today, maybe weak tomorrow. Remember when oil was ridiculously high? Or when automotive was strong but crashed? Or the banking crash? We can have another crash at any time so diversification can protect you from being ignorant and counting on only one thing to get you to your end goal.
#7. “In the short term, the market is a popularity contest. In the long term, the market is a weighing machine.”
In other words…don’t get caught up in a popularity contest of current “fads” or most popular stocks you hear everyone talking about. Longevity is what this game is about unless you’re just trying flip some quick cash and make a small return. Big money means big time.
#6. “I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful.”
It is a gross oversimplification to say that the key to investing is to buy low and sell high. This quote from when Warren Buffett has been the basis of his most successful investments over time and the basis of how you could have avoided the last few bubbles.
#5. “The difference between successful people and really successful people is that really successful people say no to almost everything.”
Numerous greats including Steve Jobs, Bill Gates, and Warren Buffett have attributed their success to focus. Many people have long to-do lists and work on becoming more productive, when in fact, having a not-do list is more important if you want to do great things.
#4. “I tell college students, when you get to be my age you will be successful if the people who you hope to have love you, do love you.”
Warren Buffett has spent a lifetime studying conventionally successful people. It’s important to hear that at the end of the day, money is not the thing that matters most in life.
#3. “It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction.”
#2. “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”
#1. “It is not necessary to do extraordinary things to get extraordinary results.”
We feel this his number 1 greatest quote. Or at least up there as there really are so many to choose from. But it does really epitomize the thoughts of a man who lives in a modest home in Omaha, Nebraska who turns out to be the 3rd richest man in the world. Who drinks cherry coke and takes his billionaire friends to lunch at Dairy Queen(of course he does own it). But who also has recently donated 3 billion dollars to charities. And who has pledged his entire fortune when he’s gone to the Bill and Melinda Gates Foundation and other various charities. But around his community..it’s the little things..the non-extraordinary things that make him who he is and what really sets him apart. And what we believe, gets him his extraordinary results.