Kaikissa sijoitusvirheissäni olen rikkonut yhtä tai useampaa alla olevaa viisautta vastaan.
I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.
-Munger
Knowing what you don’t know is more useful than being brilliant.
-Munger
We have a passion for keeping things simple.
-Munger
We have three baskets for investing: yes, no, and too tough to understand.
-Munger
If something is too hard, we move on to something else. What could be simpler than that?
-Munger
You must force yourself to consider opposing arguments. Especially when they challenge your best-loved ideas.
-Munger
I think that one should recognize reality even when one doesn’t like it; indeed, especially when one doesn’t like it.
-Munger
Most people are too fretful, they worry too much. Success means being very patient, but aggressive when it’s time.
-Munger
Life, in part, is like a poker game, wherein you have to learn to quit sometimes when holding a much-loved hand — you must learn to handle mistakes and new facts that change the odds.
-Munger
Our game is to recognize a big idea when it comes along when one doesn’t come along very often. Opportunity comes to the prepared mind.
-Munger
I have a friend who’s a fisherman he says, ‘I have a simple rule for success in fishing. Fish where the fish are.’ You want to fish where the bargains are. That simple. If the fishing is really lousy where you are you should probably look for another place to fish.
-Munger
The big money is not in the buying and the selling, but in the waiting.
-Munger
You don’t have to be brilliant, only a little it wiser than the other guys, on average, for a long time.
-Munger
If you don’t get this elementary, but mildly unnatural, mathematics of elementary probability into your repertoire, then you go through a long life like a one-legged man in an ass-kicking contest.
-Munger
Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.
-Buffett
For the investor, a too-high purchase price for the stock of an excellent company can undo the effects of a subsequent decade of favorable business developments.
-Buffett
Buy a stock the way you would buy a house. Understand and like it such that you’d be content to own it in the absence of any market.
-Buffett
Those who invest only when commentators are upbeat end up paying a heavy price for meaningless reassurance.
-Buffett
Buy into a company because you want to own it, not because you want the stock to go up.
-Buffett
Risk comes from not knowing what you’re doing.
-Buffett
Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well.
-Buffett
Don’t get caught up with what other people are doing. Being a contrarian isn’t the key but being a crowd follower isn’t either. You need to detach yourself emotionally.
-Buffett
Speculation is most dangerous when it looks easiest.
-Buffett
Investors should remember that excitement and expenses are their enemies.
-Buffett
What is smart at one price is stupid at another.
-Buffett
Don’t pass up something that’s attractive today because you think you will find something better tomorrow.
-Buffett
Beware the investment activity that produces applause; the great moves are usually greeted by yawns.
-Buffett
The stock market is designed to transfer money from the active to the patient.
-Buffett
Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.
-Buffett
The investor of today does not profit from yesterday’s growth.
-Buffett
What counts for most people in investing is not how much they know, but rather how realistically they define what they don’t know.
-Buffett
Our approach is very much profiting from lack of change rather than from change.
-Buffett
When forced to choose, I will not trade even a night’s sleep for the chance of extra profits.
-Buffett
Nothing sedates rationality like large doses of effortless money.
-Buffett
What the wise do in the beginning, fools do in the end.
-Buffett
You only have to do a very few things right in your life so long as you don’t do too many things wrong.
-Buffett