Investment Wisdom

@InvestingCanons • 120,875 subscribers

Sound investment principles, wisdom, & inspiration from the best investors & thinkers. Follow me to think about investing & decision-making more wisely.

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Investment Wisdom

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Warren Buffett: “All these economists with 160 IQs and spending their life studying it. And can you name me one super wealthy economist who’s ever earned money out of securities? No.”

“If you’ve got 150 IQ and you’re in my business, go sell 20 or 30 points to somebody else because you really don’t need it. You need emotional stability.” — Warren Buffett

Warren Buffett: “The beauty of stocks is that they do sell at silly prices from time to time…That's how Charlie and I have gotten rich.”

Warren Buffett: “Don’t sleepwalk through life. Find something that you really enjoy doing, if you can do it. Not everybody is lucky enough to be able to find that, but it ought to be your goal.”

Charlie Munger on attitude: “It's very counterproductive for an individual to feel like a victim, even if he is one. The best attitude is just to be cheerful about everything and keep plugging along.”

Peter Lynch: “Far more money has been lost by investors trying to anticipate corrections, than lost in the corrections themselves.” Anticipating temporary corrections creates permanent losses.

Charlie Munger: “There will never be any shortage of good people in the world. All you've got to do is seek them out and get as many of them as possible into your life… And keep the rest the hell out.”

“If you buy things for far below what they're worth, and you buy a group of them, you basically don't lose.” — Warren Buffett

“If you buy good businesses at reasonable prices and hold them, you’re going to make a lot of money.” — Warren Buffett

Warren Buffett: “I just read and read and read. I probably read 5 to 6 hours a day…I read 5 daily newspapers. I read a fair number of magazines. I read 10-Ks, I read annual reports…I’ve always enjoyed reading.”

Charlie Munger: “Family comes first, be in a position so you can help others when troubles come, prudent, sensible, and a moral duty to be reasonable...” “These are more important than being rich. More important than being important.”

Charlie Munger: “Family comes first, be in a position so you can help others when troubles come, prudent, sensible, and a moral duty to be reasonable...” “These are more important than being rich. More important than being important.”

Warren Buffett: “The beauty of stocks is that they do sell at silly prices from time to time… That's how Charlie and I have gotten rich.”

Peter Lynch: “I think economists have predicted 33 out of the last 11 recessions.”

Charlie Munger: “You don't want to be such an absolute purist for free trade. I'm almost a purist, but not quite. But I wouldn't want the entire steel industry of the United States to move offshore.”

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Warren Buffett: “I have mainly learned by reading. I don't think I have any original ideas…” Charlie Munger: “There are answers worth billions of dollars in a $30 history book.”

Charlie Munger: “You become what you pretend to be, to some considerable extent.” “I've known a lot of roguish people who made a fair amount of money and they start giving a little money to show off. And, 20 years later, they are actually real philanthropists.”

Warren Buffett: “Making $1 million a year looks great until this guy who sits next to you, who can't possibly be as smart as you, is making $1 million, too. Then the whole world turns into a very unfair place.” Buffett &amp; Charlie Munger on what really drives the world:

Warren Buffett: “The whole Walt Disney Company was selling for $80 million in 1966, debt-free. $4 million bought us 5% of the company. They spent $17 million on the Pirates [of the Caribbean] ride. Here was a company selling at less than 5x rides - and they had a lot of rides!”

Charlie Munger: “What caused [my] financial success was not extreme ability. I have a good mind, but I'm way short of a prodigy. And I've had results in life that are prodigious. And that came from tricks. I just learned a few basic tricks.” “One – I invert all the time.”

Charlie Munger: “A few, rare opportunities will come. You got to learn how to recognize them...” “Opportunity doesn’t come often, so seize it when it comes.”

Warren Buffett: “I like to deal with people where I feel a 1-page contract will do the job. If I have to have 50 pages in there to protect me against the guy I’m dealing with, I’ll always wonder whether I needed 51.”

Peter Lynch: “The person that turns over the most rocks wins the game.”

“If I spent time reading analyst reports, I wouldn’t have time to read annual reports.” — Warren Buffett

Charlie Munger: “Never underestimate the man who overestimates himself. These weird guys who overestimate themselves occasionally knock it right out of the park.”

Warren Buffett on true wealth: “I could buy any house in the world, and I don’t want any other house than the house I’m in.” “It has everything I wanted, plus it has all kinds of good memories.”

Warren Buffett: "The secret to life is weak competition…" "'How do you beat Bobby Fischer?' You play him at any game except chess."

Stanley Druckenmiller: “One of the most important things to do is not to play when you don’t see a fat pitch.” “Historically, I [only] deal in 5 or 6 asset buckets. It tends to keep me out of trouble…” Patience &amp; Circle of Competence: knowing when &amp; where to swing.

“If you spend 14 minutes a year on economics, you just wasted 12 minutes.” — Peter Lynch

Charlie Munger: “The secret to life is easy because it's so simple: You don’t have a lot of envy or resentment. You don’t overspend your income. You stay cheerful in spite of your troubles. You deal with reliable people and you do what you’re supposed to do.”

Warren Buffett: “I spend more time looking at balance sheets than I do income statements. There are certain things that are harder to hide or play games with on the balance sheet…” “I like to look at balance sheets over an 8 or 10 year period before I even look at the income.”

Warren Buffett: “Making $1 million a year looks great until this guy who sits next to you, who can't possibly be as smart as you, is making $1 million, too. Then the whole world turns into a very unfair place.” Buffett & Charlie Munger on what really drives the world:

Stanley Druckenmiller: “One of the most important things to do is not to play when you don’t see a fat pitch.” “Historically, I [only] deal in 5 or 6 asset buckets. It tends to keep me out of trouble…” Patience & Circle of Competence: knowing when & where to swing.