“59 Quotes

Warren Buffett Quotes

The most famous, insightful, and witty things Warren Buffett has ever said. Categorized by topic: investing, business, and life wisdom.

Featured Quotes

10
“Be fearful when others are greedy, and greedy when others are fearful.”
investing market psychology contrarian fear vs greed
2004 • 2004 Berkshire Hathaway Annual Letter
“Price is what you pay. Value is what you get.”
investing value investing intrinsic value
2008 • 2008 Berkshire Hathaway Annual Letter
“Time is the friend of the wonderful business, the enemy of the mediocre.”
investing quality long term compounding business
1989 • 1989 Berkshire Hathaway Annual Letter
“Mr. Market is your servant, not your guide.”
investing mr market market psychology value investing
1987 • 1987 Berkshire Hathaway Annual Letter
“It takes 20 years to build a reputation and five minutes to ruin it.”
business integrity reputation life
1998 • 1998 University of Florida Speech
“The stock market is a device for transferring money from the impatient to the patient.”
investing patience market psychology long term
1997 • 1997 Berkshire Hathaway Annual Letter
“It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”
investing value investing quality business
1989 • 1989 Berkshire Hathaway Annual Letter
“Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No. 1.”
investing risk management capital preservation
2003 • 2003 Berkshire Hathaway Annual Letter
“The measure of success is how many people you love love you.”
life success relationships happiness
2006 • 2006 Berkshire Hathaway Annual Letter
“Our favorite holding period is forever.”
investing long term buy and hold patience
1988 • 1988 Berkshire Hathaway Annual Letter

Browse by Topic

accounting

1
“Accounting numbers are the beginning, not the end, of business valuation.”
investing accounting valuation business
1989 • 1989 Berkshire Hathaway Annual Letter

advisors

1
“Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.”
market psychology humor wisdom advisors
1991 • 1991 Berkshire Hathaway Annual Letter

associations

1
“If you want to soar like an eagle in life, you can't be flocking with the turkeys.”
life relationships success associations
1991 • 1991 Berkshire Hathaway Annual Letter

behavioral finance

1
“When leverage works, it magnifies your gains. Your wife thinks you're clever, and your neighbors get envious. But leverage is addictive.”
risk management leverage debt behavioral finance
2010 • 2010 Berkshire Hathaway Annual Letter

business

11
“Turnarounds seldom turn.”
business turnarounds risk management investing
1979 • 1979 Berkshire Hathaway Annual Letter
“I am a better investor because I am a businessman, and a better businessman because I am an investor.”
investing business mindset wisdom
1991 • 1991 Berkshire Hathaway Annual Letter
“I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.”
business management quality moat
1995 • 1995 Berkshire Hathaway Annual Letter
“In the business world, the rearview mirror is always clearer than the windshield.”
business forecasting uncertainty wisdom
1990 • 1990 Berkshire Hathaway Annual Letter
“You can't make a good deal with a bad person.”
business integrity negotiation life
1990 • 1990 Berkshire Hathaway Annual Letter
“The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.”
business simplicity education wisdom
1990 • 1990 Berkshire Hathaway Annual Letter
“Accounting numbers are the beginning, not the end, of business valuation.”
investing accounting valuation business
1989 • 1989 Berkshire Hathaway Annual Letter
“Lose money for the firm, and I will be understanding. Lose a shred of reputation for the firm, and I will be ruthless.”
integrity business reputation management
1991 • 1991 Berkshire Hathaway Annual Letter

change

1
“You know, you keep doing the same things and you keep getting the same result over and over again.”
life learning change wisdom
2002 • 2002 Berkshire Hathaway Annual Letter

character

3
“Chains of habit are too light to be felt until they are too heavy to be broken.”
life habits character wisdom
1997 • 1997 Berkshire Hathaway Annual Letter
“The best thing you can do is to be the right person. If you're the right person, the right things will happen.”
life character success integrity
1998 • 1998 University of Florida Speech

circle of competence

4
“Diversification is protection against ignorance. It makes little sense if you know what you are doing.”
investing diversification concentration circle of competence
1993 • 1993 Berkshire Hathaway Annual Letter
“Risk comes from not knowing what you're doing.”
investing risk management circle of competence knowledge
1993 • 1993 Berkshire Hathaway Annual Letter
“Know your circle of competence and stay within it. The size of that circle is not very important; knowing its boundaries, however, is vital.”
circle of competence investing wisdom knowledge
1996 • 1996 Berkshire Hathaway Annual Letter
“You don't have to be an expert on everything, but you have to know what you don't know.”
life wisdom circle of competence learning
1998 • 1998 University of Florida Speech

compounding

4
“The mathematics of compound interest are so powerful that they have been called the eighth wonder of the world.”
compounding investing long term mathematics
1999 • 1999 Berkshire Hathaway Annual Letter
“My wealth has come from a combination of living in America, some lucky genes, and compound interest.”
compounding life success humility
1998 • 1998 University of Florida Speech
“Someone's sitting in the shade today because someone planted a tree a long time ago.”
compounding life long term foresight
1998 • 1998 University of Florida Speech
“Read 500 pages like this every day. That's how knowledge works. It builds up, like compound interest.”
learning reading compounding success
2007 • 2007 University of Florida Speech

concentration

1
“Diversification is protection against ignorance. It makes little sense if you know what you are doing.”
investing diversification concentration circle of competence
1993 • 1993 Berkshire Hathaway Annual Letter

contrarian

3
“Be greedy when others are fearful, and fearful when others are greedy.”
investing fear vs greed contrarian market psychology
2008 • 2008 NYT Op-Ed: Buy American. I Am.
“You pay a very high price in the stock market for a cheery consensus.”
contrarian market psychology investing valuation
1979 • 1979 Berkshire Hathaway Annual Letter

crisis

2
“Only when the tide goes out do you discover who's been swimming naked.”
risk management market psychology crisis investing
2001 • 2001 Berkshire Hathaway Annual Letter
“A great investment opportunity occurs when a marvelous business encounters a one-time huge, but solvable problem.”
investing opportunity value investing crisis
1989 • 1989 Berkshire Hathaway Annual Letter

debt

1
“When leverage works, it magnifies your gains. Your wife thinks you're clever, and your neighbors get envious. But leverage is addictive.”
risk management leverage debt behavioral finance
2010 • 2010 Berkshire Hathaway Annual Letter

decision making

3
“I insist on a lot of time being spent, almost every day, to just sit and think.”
learning thinking decision making wisdom
1993 • 1993 Berkshire Hathaway Annual Letter
“You only have to do a very few things right in your life so long as you don't do too many things wrong.”
life decision making simplicity wisdom
2007 • 2007 Berkshire Hathaway Annual Letter
“The most important thing to do if you find yourself in a hole is to stop digging.”
life wisdom mistakes decision making
1979 • 1979 Berkshire Hathaway Annual Letter

derivatives

1
“Derivatives are financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal.”
risk management derivatives warning finance
2002 • 2002 Berkshire Hathaway Annual Letter

discipline

2
“You don't have to swing at everything. You can wait for the perfect pitch.”
investing patience discipline opportunity
1995 • 1995 Berkshire Hathaway Annual Letter
“We would rather avoid risk than collect a premium for taking it.”
risk management investing insurance discipline
1990 • 1990 Berkshire Hathaway Annual Letter

diversification

2
“Never depend on a single venture for your financial security.”
investing risk management diversification
1991 • 1991 Berkshire Hathaway Annual Letter
“Diversification is protection against ignorance. It makes little sense if you know what you are doing.”
investing diversification concentration circle of competence
1993 • 1993 Berkshire Hathaway Annual Letter

education

1
“The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.”
business simplicity education wisdom
1990 • 1990 Berkshire Hathaway Annual Letter

fairness

1
“The rich escaped, and the poor got stuck. That's the way it works.”
life tax fairness society
2006 • 2006 Berkshire Hathaway Annual Meeting

fear vs greed

1
“Be greedy when others are fearful, and fearful when others are greedy.”
investing fear vs greed contrarian market psychology
2008 • 2008 NYT Op-Ed: Buy American. I Am.

finance

1
“Derivatives are financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal.”
risk management derivatives warning finance
2002 • 2002 Berkshire Hathaway Annual Letter

forecasting

3
“Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.”
forecasting market psychology wisdom humility
1980 • 1980 Berkshire Hathaway Annual Letter
“I have no idea what the stock market is going to do next month or six months from now. I do know that over a long period of time it will do fine.”
market psychology forecasting humility long term
1994 • 1994 Berkshire Hathaway Annual Letter
“In the business world, the rearview mirror is always clearer than the windshield.”
business forecasting uncertainty wisdom
1990 • 1990 Berkshire Hathaway Annual Letter

foresight

1
“Someone's sitting in the shade today because someone planted a tree a long time ago.”
compounding life long term foresight
1998 • 1998 University of Florida Speech

habits

1
“Chains of habit are too light to be felt until they are too heavy to be broken.”
life habits character wisdom
1997 • 1997 Berkshire Hathaway Annual Letter

humility

4
“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.”
investing simplicity intelligence humility
1991 • 1991 Berkshire Hathaway Annual Letter
“My wealth has come from a combination of living in America, some lucky genes, and compound interest.”
compounding life success humility
1998 • 1998 University of Florida Speech
“Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.”
forecasting market psychology wisdom humility
1980 • 1980 Berkshire Hathaway Annual Letter
“I have no idea what the stock market is going to do next month or six months from now. I do know that over a long period of time it will do fine.”
market psychology forecasting humility long term
1994 • 1994 Berkshire Hathaway Annual Letter

humor

1
“Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.”
market psychology humor wisdom advisors
1991 • 1991 Berkshire Hathaway Annual Letter

insurance

1
“We would rather avoid risk than collect a premium for taking it.”
risk management investing insurance discipline
1990 • 1990 Berkshire Hathaway Annual Letter

integrity

5
“You can't make a good deal with a bad person.”
business integrity negotiation life
1990 • 1990 Berkshire Hathaway Annual Letter
“Lose money for the firm, and I will be understanding. Lose a shred of reputation for the firm, and I will be ruthless.”
integrity business reputation management
1991 • 1991 Berkshire Hathaway Annual Letter
“Honesty is a very expensive gift. Don't expect it from cheap people.”
life integrity relationships wisdom
2010 • 2010 Berkshire Hathaway Annual Letter
“The best thing you can do is to be the right person. If you're the right person, the right things will happen.”
life character success integrity
1998 • 1998 University of Florida Speech

intelligence

1
“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.”
investing simplicity intelligence humility
1991 • 1991 Berkshire Hathaway Annual Letter

investing

22
“Never depend on a single venture for your financial security.”
investing risk management diversification
1991 • 1991 Berkshire Hathaway Annual Letter
“Be greedy when others are fearful, and fearful when others are greedy.”
investing fear vs greed contrarian market psychology
2008 • 2008 NYT Op-Ed: Buy American. I Am.
“You don't need to know a man's exact weight to know he's fat. You don't need to know a stock's exact value to know it's cheap.”
investing margin of safety value investing
1992 • 1992 Berkshire Hathaway Annual Letter
“In the short run, the market is a voting machine but in the long run it is a weighing machine.”
investing market psychology value investing long term
1993 • 1993 Berkshire Hathaway Annual Letter
“Diversification is protection against ignorance. It makes little sense if you know what you are doing.”
investing diversification concentration circle of competence
1993 • 1993 Berkshire Hathaway Annual Letter
“I don't look to jump over seven-foot bars; I look around for one-foot bars that I can step over.”
investing simplicity value investing wisdom
2002 • 2002 Berkshire Hathaway Annual Letter
“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.”
investing simplicity intelligence humility
1991 • 1991 Berkshire Hathaway Annual Letter
“The mathematics of compound interest are so powerful that they have been called the eighth wonder of the world.”
compounding investing long term mathematics
1999 • 1999 Berkshire Hathaway Annual Letter
“You pay a very high price in the stock market for a cheery consensus.”
contrarian market psychology investing valuation
1979 • 1979 Berkshire Hathaway Annual Letter
“Only when the tide goes out do you discover who's been swimming naked.”
risk management market psychology crisis investing
2001 • 2001 Berkshire Hathaway Annual Letter
“You don't have to swing at everything. You can wait for the perfect pitch.”
investing patience discipline opportunity
1995 • 1995 Berkshire Hathaway Annual Letter
“Risk comes from not knowing what you're doing.”
investing risk management circle of competence knowledge
1993 • 1993 Berkshire Hathaway Annual Letter
“We would rather avoid risk than collect a premium for taking it.”
risk management investing insurance discipline
1990 • 1990 Berkshire Hathaway Annual Letter
“Turnarounds seldom turn.”
business turnarounds risk management investing
1979 • 1979 Berkshire Hathaway Annual Letter
“Know your circle of competence and stay within it. The size of that circle is not very important; knowing its boundaries, however, is vital.”
circle of competence investing wisdom knowledge
1996 • 1996 Berkshire Hathaway Annual Letter
“I am a better investor because I am a businessman, and a better businessman because I am an investor.”
investing business mindset wisdom
1991 • 1991 Berkshire Hathaway Annual Letter
“A great investment opportunity occurs when a marvelous business encounters a one-time huge, but solvable problem.”
investing opportunity value investing crisis
1989 • 1989 Berkshire Hathaway Annual Letter
“Accounting numbers are the beginning, not the end, of business valuation.”
investing accounting valuation business
1989 • 1989 Berkshire Hathaway Annual Letter
“If you aren't thinking about owning a stock for ten years, don't even think about owning it for ten minutes.”
investing long term patience mindset
1996 • 1996 Berkshire Hathaway Annual Letter
“Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years.”
investing long term value investing patience
1997 • 1997 Berkshire Hathaway Annual Letter

knowledge

2
“Risk comes from not knowing what you're doing.”
investing risk management circle of competence knowledge
1993 • 1993 Berkshire Hathaway Annual Letter
“Know your circle of competence and stay within it. The size of that circle is not very important; knowing its boundaries, however, is vital.”
circle of competence investing wisdom knowledge
1996 • 1996 Berkshire Hathaway Annual Letter

learning

5
“Read 500 pages like this every day. That's how knowledge works. It builds up, like compound interest.”
learning reading compounding success
2007 • 2007 University of Florida Speech
“You don't have to be an expert on everything, but you have to know what you don't know.”
life wisdom circle of competence learning
1998 • 1998 University of Florida Speech
“I insist on a lot of time being spent, almost every day, to just sit and think.”
learning thinking decision making wisdom
1993 • 1993 Berkshire Hathaway Annual Letter
“The best investment you can make is in yourself.”
life success learning self improvement
2007 • 2007 University of Florida Speech
“You know, you keep doing the same things and you keep getting the same result over and over again.”
life learning change wisdom
2002 • 2002 Berkshire Hathaway Annual Letter

leverage

1
“When leverage works, it magnifies your gains. Your wife thinks you're clever, and your neighbors get envious. But leverage is addictive.”
risk management leverage debt behavioral finance
2010 • 2010 Berkshire Hathaway Annual Letter

life

14
“My wealth has come from a combination of living in America, some lucky genes, and compound interest.”
compounding life success humility
1998 • 1998 University of Florida Speech
“Someone's sitting in the shade today because someone planted a tree a long time ago.”
compounding life long term foresight
1998 • 1998 University of Florida Speech
“You don't have to be an expert on everything, but you have to know what you don't know.”
life wisdom circle of competence learning
1998 • 1998 University of Florida Speech
“You can't make a good deal with a bad person.”
business integrity negotiation life
1990 • 1990 Berkshire Hathaway Annual Letter
“Chains of habit are too light to be felt until they are too heavy to be broken.”
life habits character wisdom
1997 • 1997 Berkshire Hathaway Annual Letter
“Honesty is a very expensive gift. Don't expect it from cheap people.”
life integrity relationships wisdom
2010 • 2010 Berkshire Hathaway Annual Letter
“The best thing you can do is to be the right person. If you're the right person, the right things will happen.”
life character success integrity
1998 • 1998 University of Florida Speech
“You only have to do a very few things right in your life so long as you don't do too many things wrong.”
life decision making simplicity wisdom
2007 • 2007 Berkshire Hathaway Annual Letter
“If you want to soar like an eagle in life, you can't be flocking with the turkeys.”
life relationships success associations
1991 • 1991 Berkshire Hathaway Annual Letter
“The most important thing to do if you find yourself in a hole is to stop digging.”
life wisdom mistakes decision making
1979 • 1979 Berkshire Hathaway Annual Letter
“The best investment you can make is in yourself.”
life success learning self improvement
2007 • 2007 University of Florida Speech
“The rich escaped, and the poor got stuck. That's the way it works.”
life tax fairness society
2006 • 2006 Berkshire Hathaway Annual Meeting
“You know, you keep doing the same things and you keep getting the same result over and over again.”
life learning change wisdom
2002 • 2002 Berkshire Hathaway Annual Letter

long term

7
“In the short run, the market is a voting machine but in the long run it is a weighing machine.”
investing market psychology value investing long term
1993 • 1993 Berkshire Hathaway Annual Letter
“The mathematics of compound interest are so powerful that they have been called the eighth wonder of the world.”
compounding investing long term mathematics
1999 • 1999 Berkshire Hathaway Annual Letter
“Someone's sitting in the shade today because someone planted a tree a long time ago.”
compounding life long term foresight
1998 • 1998 University of Florida Speech
“I have no idea what the stock market is going to do next month or six months from now. I do know that over a long period of time it will do fine.”
market psychology forecasting humility long term
1994 • 1994 Berkshire Hathaway Annual Letter
“If you aren't thinking about owning a stock for ten years, don't even think about owning it for ten minutes.”
investing long term patience mindset
1996 • 1996 Berkshire Hathaway Annual Letter
“Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years.”
investing long term value investing patience
1997 • 1997 Berkshire Hathaway Annual Letter

margin of safety

1
“You don't need to know a man's exact weight to know he's fat. You don't need to know a stock's exact value to know it's cheap.”
investing margin of safety value investing
1992 • 1992 Berkshire Hathaway Annual Letter

market psychology

8
“Be greedy when others are fearful, and fearful when others are greedy.”
investing fear vs greed contrarian market psychology
2008 • 2008 NYT Op-Ed: Buy American. I Am.
“In the short run, the market is a voting machine but in the long run it is a weighing machine.”
investing market psychology value investing long term
1993 • 1993 Berkshire Hathaway Annual Letter
“Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.”
forecasting market psychology wisdom humility
1980 • 1980 Berkshire Hathaway Annual Letter
“You pay a very high price in the stock market for a cheery consensus.”
contrarian market psychology investing valuation
1979 • 1979 Berkshire Hathaway Annual Letter
“Only when the tide goes out do you discover who's been swimming naked.”
risk management market psychology crisis investing
2001 • 2001 Berkshire Hathaway Annual Letter
“I have no idea what the stock market is going to do next month or six months from now. I do know that over a long period of time it will do fine.”
market psychology forecasting humility long term
1994 • 1994 Berkshire Hathaway Annual Letter
“Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.”
market psychology humor wisdom advisors
1991 • 1991 Berkshire Hathaway Annual Letter

mathematics

1
“The mathematics of compound interest are so powerful that they have been called the eighth wonder of the world.”
compounding investing long term mathematics
1999 • 1999 Berkshire Hathaway Annual Letter

mindset

3
“I am a better investor because I am a businessman, and a better businessman because I am an investor.”
investing business mindset wisdom
1991 • 1991 Berkshire Hathaway Annual Letter
“If you aren't thinking about owning a stock for ten years, don't even think about owning it for ten minutes.”
investing long term patience mindset
1996 • 1996 Berkshire Hathaway Annual Letter

mistakes

1
“The most important thing to do if you find yourself in a hole is to stop digging.”
life wisdom mistakes decision making
1979 • 1979 Berkshire Hathaway Annual Letter

moat

1
“I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.”
business management quality moat
1995 • 1995 Berkshire Hathaway Annual Letter

negotiation

1
“You can't make a good deal with a bad person.”
business integrity negotiation life
1990 • 1990 Berkshire Hathaway Annual Letter

opportunity

3
“You don't have to swing at everything. You can wait for the perfect pitch.”
investing patience discipline opportunity
1995 • 1995 Berkshire Hathaway Annual Letter
“A great investment opportunity occurs when a marvelous business encounters a one-time huge, but solvable problem.”
investing opportunity value investing crisis
1989 • 1989 Berkshire Hathaway Annual Letter

patience

3
“You don't have to swing at everything. You can wait for the perfect pitch.”
investing patience discipline opportunity
1995 • 1995 Berkshire Hathaway Annual Letter
“If you aren't thinking about owning a stock for ten years, don't even think about owning it for ten minutes.”
investing long term patience mindset
1996 • 1996 Berkshire Hathaway Annual Letter
“Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years.”
investing long term value investing patience
1997 • 1997 Berkshire Hathaway Annual Letter

quality

1
“I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.”
business management quality moat
1995 • 1995 Berkshire Hathaway Annual Letter

reading

1
“Read 500 pages like this every day. That's how knowledge works. It builds up, like compound interest.”
learning reading compounding success
2007 • 2007 University of Florida Speech

relationships

3
“Honesty is a very expensive gift. Don't expect it from cheap people.”
life integrity relationships wisdom
2010 • 2010 Berkshire Hathaway Annual Letter
“If you want to soar like an eagle in life, you can't be flocking with the turkeys.”
life relationships success associations
1991 • 1991 Berkshire Hathaway Annual Letter

reputation

1
“Lose money for the firm, and I will be understanding. Lose a shred of reputation for the firm, and I will be ruthless.”
integrity business reputation management
1991 • 1991 Berkshire Hathaway Annual Letter

risk management

7
“Never depend on a single venture for your financial security.”
investing risk management diversification
1991 • 1991 Berkshire Hathaway Annual Letter
“Only when the tide goes out do you discover who's been swimming naked.”
risk management market psychology crisis investing
2001 • 2001 Berkshire Hathaway Annual Letter
“Risk comes from not knowing what you're doing.”
investing risk management circle of competence knowledge
1993 • 1993 Berkshire Hathaway Annual Letter
“We would rather avoid risk than collect a premium for taking it.”
risk management investing insurance discipline
1990 • 1990 Berkshire Hathaway Annual Letter
“When leverage works, it magnifies your gains. Your wife thinks you're clever, and your neighbors get envious. But leverage is addictive.”
risk management leverage debt behavioral finance
2010 • 2010 Berkshire Hathaway Annual Letter
“Derivatives are financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal.”
risk management derivatives warning finance
2002 • 2002 Berkshire Hathaway Annual Letter
“Turnarounds seldom turn.”
business turnarounds risk management investing
1979 • 1979 Berkshire Hathaway Annual Letter

self improvement

1
“The best investment you can make is in yourself.”
life success learning self improvement
2007 • 2007 University of Florida Speech

simplicity

4
“I don't look to jump over seven-foot bars; I look around for one-foot bars that I can step over.”
investing simplicity value investing wisdom
2002 • 2002 Berkshire Hathaway Annual Letter
“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.”
investing simplicity intelligence humility
1991 • 1991 Berkshire Hathaway Annual Letter
“The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.”
business simplicity education wisdom
1990 • 1990 Berkshire Hathaway Annual Letter
“You only have to do a very few things right in your life so long as you don't do too many things wrong.”
life decision making simplicity wisdom
2007 • 2007 Berkshire Hathaway Annual Letter

society

1
“The rich escaped, and the poor got stuck. That's the way it works.”
life tax fairness society
2006 • 2006 Berkshire Hathaway Annual Meeting

success

6
“My wealth has come from a combination of living in America, some lucky genes, and compound interest.”
compounding life success humility
1998 • 1998 University of Florida Speech
“Read 500 pages like this every day. That's how knowledge works. It builds up, like compound interest.”
learning reading compounding success
2007 • 2007 University of Florida Speech
“The best thing you can do is to be the right person. If you're the right person, the right things will happen.”
life character success integrity
1998 • 1998 University of Florida Speech
“If you want to soar like an eagle in life, you can't be flocking with the turkeys.”
life relationships success associations
1991 • 1991 Berkshire Hathaway Annual Letter
“The best investment you can make is in yourself.”
life success learning self improvement
2007 • 2007 University of Florida Speech

tax

1
“The rich escaped, and the poor got stuck. That's the way it works.”
life tax fairness society
2006 • 2006 Berkshire Hathaway Annual Meeting

thinking

1
“I insist on a lot of time being spent, almost every day, to just sit and think.”
learning thinking decision making wisdom
1993 • 1993 Berkshire Hathaway Annual Letter

turnarounds

1
“Turnarounds seldom turn.”
business turnarounds risk management investing
1979 • 1979 Berkshire Hathaway Annual Letter

uncertainty

1
“In the business world, the rearview mirror is always clearer than the windshield.”
business forecasting uncertainty wisdom
1990 • 1990 Berkshire Hathaway Annual Letter

valuation

2
“You pay a very high price in the stock market for a cheery consensus.”
contrarian market psychology investing valuation
1979 • 1979 Berkshire Hathaway Annual Letter
“Accounting numbers are the beginning, not the end, of business valuation.”
investing accounting valuation business
1989 • 1989 Berkshire Hathaway Annual Letter

value investing

5
“You don't need to know a man's exact weight to know he's fat. You don't need to know a stock's exact value to know it's cheap.”
investing margin of safety value investing
1992 • 1992 Berkshire Hathaway Annual Letter
“In the short run, the market is a voting machine but in the long run it is a weighing machine.”
investing market psychology value investing long term
1993 • 1993 Berkshire Hathaway Annual Letter
“I don't look to jump over seven-foot bars; I look around for one-foot bars that I can step over.”
investing simplicity value investing wisdom
2002 • 2002 Berkshire Hathaway Annual Letter
“A great investment opportunity occurs when a marvelous business encounters a one-time huge, but solvable problem.”
investing opportunity value investing crisis
1989 • 1989 Berkshire Hathaway Annual Letter
“Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years.”
investing long term value investing patience
1997 • 1997 Berkshire Hathaway Annual Letter

warning

1
“Derivatives are financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal.”
risk management derivatives warning finance
2002 • 2002 Berkshire Hathaway Annual Letter

wisdom

14
“I don't look to jump over seven-foot bars; I look around for one-foot bars that I can step over.”
investing simplicity value investing wisdom
2002 • 2002 Berkshire Hathaway Annual Letter
“Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.”
forecasting market psychology wisdom humility
1980 • 1980 Berkshire Hathaway Annual Letter
“Know your circle of competence and stay within it. The size of that circle is not very important; knowing its boundaries, however, is vital.”
circle of competence investing wisdom knowledge
1996 • 1996 Berkshire Hathaway Annual Letter
“You don't have to be an expert on everything, but you have to know what you don't know.”
life wisdom circle of competence learning
1998 • 1998 University of Florida Speech
“I am a better investor because I am a businessman, and a better businessman because I am an investor.”
investing business mindset wisdom
1991 • 1991 Berkshire Hathaway Annual Letter
“In the business world, the rearview mirror is always clearer than the windshield.”
business forecasting uncertainty wisdom
1990 • 1990 Berkshire Hathaway Annual Letter
“The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.”
business simplicity education wisdom
1990 • 1990 Berkshire Hathaway Annual Letter
“Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.”
market psychology humor wisdom advisors
1991 • 1991 Berkshire Hathaway Annual Letter
“I insist on a lot of time being spent, almost every day, to just sit and think.”
learning thinking decision making wisdom
1993 • 1993 Berkshire Hathaway Annual Letter
“Chains of habit are too light to be felt until they are too heavy to be broken.”
life habits character wisdom
1997 • 1997 Berkshire Hathaway Annual Letter
“Honesty is a very expensive gift. Don't expect it from cheap people.”
life integrity relationships wisdom
2010 • 2010 Berkshire Hathaway Annual Letter
“You only have to do a very few things right in your life so long as you don't do too many things wrong.”
life decision making simplicity wisdom
2007 • 2007 Berkshire Hathaway Annual Letter
“The most important thing to do if you find yourself in a hole is to stop digging.”
life wisdom mistakes decision making
1979 • 1979 Berkshire Hathaway Annual Letter
“You know, you keep doing the same things and you keep getting the same result over and over again.”
life learning change wisdom
2002 • 2002 Berkshire Hathaway Annual Letter