Investment Wisdom

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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: “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.”

“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: “Whether you make X [dollars in salary] or 120% of X, it really isn’t remotely as important as to whether, in most cases, you marry the right person… And you also find something that you would do if you didn’t need the money.”

“You climb as hard as you can by just advancing one inch at a time. That's the secret of life.” — Charlie Munger

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.”

Warren Buffett: “The most important thing in investments is not having a high IQ…The most important thing is realism and discipline.” “You don’t need to be extraordinarily bright to do well in investments if you are realistic and disciplined.”

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.”

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.”

Warren Buffett this morning: “If you have a wonderful business, you are going to be subject to attack. So it’s not a question of whether it was wonderful yesterday. The question is, how long is it going to be wonderful?”

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.”

Warren Buffett: “Where else, when you can buy something for cheaper, do you get upset about it?”

Warren Buffett: “Benjamin Graham said long ago that you’re neither right nor wrong because people agree with you or disagree with you…you’re right because your facts and reasoning are right.”

Warren Buffett: “Confidence in markets…is a lot like oxygen: when you have it, you don’t even think about it… When it’s gone for 5 minutes, it’s the only thing you think about.”

“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

Charlie Munger: “I can’t think of a single example in my whole life where ‘keeping it simple’ worked against us. We’ve made mistakes, but they weren’t because we kept it simple.”

“Far more money has been lost by investors trying to anticipate corrections, than lost in the corrections themselves.” — Peter Lynch

“Microeconomics is what we do and macroeconomics is what we put up with.” — Charlie Munger

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.

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Howard Marks: “If you want to be an exceptional investor, you have to dare to be different…you have to dare to be wrong…and you have to dare to look wrong.”

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.”

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!”

“Big opportunities in life have to be seized.” — Warren Buffett

Warren Buffett: “If you can detach yourself, temperamentally, from the crowd, you'll get very rich. You don't have to be very bright [either].” “It doesn't take brains. It takes temperament.”

Stanley Druckenmiller: “All this talk about the debt ceiling is like sitting on the Santa Monica Pier and you’ve got a 30-foot wave coming in, and you’re worried about the Santa Monica Pier being damaged… …but you know 10 miles out is a 200-foot tsunami.”

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.”

Warren Buffett: “If you take 28% times 33% times 17% times 22% times zero, the answer is zero. You can’t have a zero in there...” “I’ve seen a lot of people put up a lot of good [returns], and then they stuck a zero in there—and it was over. You ‘Go Back To Go.’”

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.”

Stanley Druckenmiller: “You need to be intellectually curious, really really open-minded, &amp; you need to have courage. And when I say courage, you need the courage to bet big &amp; bet concentrated, but also the courage to fight your own emotions.”

Warren Buffett: “If you find 3 wonderful businesses in your life, you’ll get very rich…” “If you look at how the fortunes were built in this country, they weren’t built out of a portfolio of 50 companies. They were built by someone who identified a wonderful business.”

Stanley Druckenmiller: “That would be my #1 advice to young people: Do not invest in the present. The present is not what moves stock prices. Change moves them.”

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

“You don’t need 20 right decisions to get very rich. 4 or 5 will probably do it…” “It’s a terrible mistake to think you have to have an opinion on everything.” — Warren Buffett

Stanley Druckenmiller: “You need to be intellectually curious, really really open-minded, & you need to have courage. And when I say courage, you need the courage to bet big & bet concentrated, but also the courage to fight your own emotions.”