Warren Buffett is an American business magnate, investor, and philanthropist. He is the chairman and CEO of Berkshire Hathaway. As a result of his immense investment success, Buffett is one of the best-known fundamental investors in the world. As of June 2023, he possessed a net worth of 
300 billion because (…)’. Force yourself to write this down. It clarifies your mind and discipline.
59. Only when the tide goes out do you discover who’s been swimming naked.
60. Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.
61. Price is what you pay. Value is what you get.
62. Read 500 pages like this every day. That’s how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it.
63. Risk comes from not knowing what you’re doing.
64. If a business does well, the stock eventually follows.
65. Since I know of no way to reliably predict market movements, I recommend that you purchase Berkshire shares only if you expect to hold them for at least five years. Those who seek short-term profits should look elsewhere.
66. Someone’s sitting in the shade today because someone planted a tree a long time ago
67. The best thing that happens to us is when a great company gets into temporary trouble (…). We want to buy them when they’re on the operating table.
68. Speculation is most dangerous when it looks easiest.
69. Stay away from it. It’s a mirage, basically (…), the idea that it has some huge intrinsic value is a joke in my view.
70. The best chance to deploy capital is when things are going down.
71. The stock market is a no-called-strike game. You don’t have to swing at everything – you can wait for your pitch.
72. There is nothing wrong with a ‘know nothing’ investor who realizes it. The problem is when you are a ‘know nothing’ investor but you think you know something.
73. This does not bother Charlie and me. Indeed, we enjoy such price declines if we have funds available to increase our positions.
74. Too-big-to-fail is not a fallback position at Berkshire. Instead, we will always arrange our affairs so that any requirements for cash we may conceivably have will be dwarfed by our own liquidity.
75. There are all kinds of businesses that Charlie and I don’t understand, but that doesn’t cause us to stay up at night. It just means we go on to the next one, and that’s what the individual investor should do.
76. You can’t buy what is popular and do well.
77. 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.
78. We will reject interesting opportunities rather than over-leverage our balance sheet.
79. We’ve long felt that the only value of stock forecasters is to make fortune tellers look good. Even now, Charlie and I continue to believe that short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children.
80. What is smart at one price is stupid at another.
81. What we learn from history is that people don’t learn from history.
82. When stock can be bought below a business’s value it is probably the best use of cash.
83. When trillions of dollars are managed by Wall Streeters charging high fees, it will usually be the managers who reap outsized profits, not the clients.
84. When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.
85. When you have able managers of high character running businesses about which they are passionate, you can have a dozen or more reporting to you and still have time for an afternoon nap. Conversely, if you have even one person reporting to you who is deceitful, inept or uninterested, you will find yourself with more than you can handle.
86. Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.
87. Widespread fear is your friend as an investor because it serves up bargain purchases.
88. You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right.
89. You can’t borrow money at 18% or 20% and come out ahead.
90. You can’t produce a baby in one month by getting nine women pregnant.
91. The most important quality for an investor is temperament, not intellect (…). You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.
92. 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. You only have to be able to evaluate companies within your circle of competence.
93. The size of your circle of competence is not very important; knowing its boundaries, however, is vital.
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