H. Social Sciences Flashcards
Tao of Warren Buffett
Complete outline recitation
> > Getting and Staying Rich
No. 1:
“Rule No. 1 is never lose money. Rule No. 2 is never forget rule No. 1.”
No. 2:
“I made my first investment at age eleven. I was wasting my life up until then.”
No. 3:
“Never be afraid to ask for too much when selling or offer too little when buying.”
No. 4:
“You can’t make a good deal with a bad person
No. 5:
“The great personal fortunes in this country weren’t built on a portfolio of fifty companies. They were built by
someone who identified one wonderful business.”
No. 6:
“It is impossible to unsign a contract, so do all
your thinking before you sign.”
No. 7:
“It is easier to stay out of trouble than
it is to get out of trouble.”
No. 8:
“You should invest like a Catholic marries—for life.”
No. 9:
“Wall Street is the only place that people ride to in a Rolls-Royce to get advice from those who take the subway.”
No. 10:
“Happiness does not buy you money.”
No. 11:
“It takes twenty years to build a reputation and
five minutes to lose it. If you think about that,
you will do things differently.”
No. 12:
“The market, like the Lord, helps those who help
themselves. But unlike the Lord, the market does not
forgive those who know not what they do.”
No. 13:
“I don’t try to jump over seven-foot bars;
I look around for one-foot bars that I can step over.”
No. 14:
“The chains of habit are too light to be felt
until they are too heavy to be broken.”
No. 15:
“Marrying for money is probably a bad idea
under any circumstances, but it is
absolutely nuts if you are already rich.”
No. 16:
“It’s not necessary to do extraordinary things
to get extraordinary results.”
No. 17:
“You should look at stocks as
small pieces of a business.”
No. 18:
“My idea of a group decision is to look in the mirror.”
No. 19:
“If I can’t make money in a $5 trillion U.S. market,
it may be a little bit of wishful thinking to think that
all I have to do is get a few thousand miles offshore
and I’ll start showing my stuff.”
No. 20: “You should invest in a business that even a fool
can run, because someday a fool will.”
No. 21: “With each investment you make, you should have the courage and the conviction to place at least 10% of your net worth in that stock.”
