Here are 10 extraordinary quotes from Warren Buffett, America's second-richest man and one of the most humble billionaires alive.
1. “I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.”
2. “Price is what you pay. Value is what you get.”
3. “It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”
4. “I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.”
5. "I have pledged — to you, the rating agencies and myself -– to always run Berkshire with more ample cash. We never want to count on the kindness of strangers in order to meet tomorrow’s obligations. When forced to choose, I will not trade even a night’s sleep for the chance of extra profits."
6. “You can’t make a good deal with a bad person.”
7. “I always knew I was going to be rich. I don’t think I ever doubted it for a minute.”
8. “Too often, a vast collection of possessions ends up possessing its owner. The asset I most value, aside from health, is interesting, diverse, and long-standing friends.”
9. “The most important thing to do if you find yourself in a hole is to stop digging.”
10. “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”
11. "Wall Street is the only place that people ride to work in a Rolls Royce to get advice from those who take the subway."
12. "Someone's sitting in the shade today because someone planted a tree a long time ago."
13. "Love is the greatest advantage a parent can give."
14.“After all, you only find out who is swimming naked when the tide goes out.”
15. "More than 99% of my wealth will go to philanthropy during my lifetime or at death. Measured by dollars, this commitment is large. In a comparative sense, though, many individuals give more to others every day.
Millions of people who regularly contribute to churches, schools, and other organizations thereby relinquish the use of funds that would otherwise benefit their own families. The dollars these people drop into a collection plate or give to United Way mean forgone movies, dinners out, or other personal pleasures. In contrast, my family and I will give up nothing we need or want by fulfilling this 99% pledge.
Moreover, this pledge does not leave me contributing the most precious asset, which is time. Many people, including — I’m proud to say — my three children, give extensively of their own time and talents to help others. Gifts of this kind often prove far more valuable than money."
To learn about Buffett's philosophy on life, click here for the article.
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