I’ve Followed Warren Buffett For Decades And Keep Coming Back To These 10 Quotes

Berkshire Hathaway B shares Warren BuffettBy Mark Hirschey (Work of Mark Hirschey) [CC BY-SA 2.0], via Wikimedia Commons

I’ve Followed Warren Buffett For Decades And Keep Coming Back To These 10 Quotes by William Green, Obeserver

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Fifty years after taking charge of Berkshire Hathaway, Warren Buffett reigns supreme as the greatest investor in history, with a personal fortune of $70 billion. Berkshire’s latest annual report says its market value has soared by 1,826,163 percent under his leadership—an astonishing feat that boggles the imagination.

Warren Buffett and his brilliant partner Charlie Munger are central figures in The Great Minds of Investing, a new book that I’ve written and edited, which will be published on May 29. It features profiles of 33 famous investors, along with portraits by Michael O’Brien, who has traveled all around the world over the past five years to take stunning photographs of Mr. Buffett, Mr. Munger, and the other investors in this book. Many of the great investors I interviewed for the book spoke of Mr. Buffett with awe. For example, Mohnish Pabrai told me that discovering Warren Buffett changed his life, inspiring him to embark on a 30-year “game” in which his goal is to turn $1 million into $1 billion by following what he calls Mr. Buffett’s “laws of investing.”

If you want to get fabulously rich, it clearly pays to study Warren Buffett. But what’s extraordinary to me is that Mr. Buffett’s wisdom goes so far beyond business and investing. Here, then, are ten of my all-time favorite insights from Mr. Buffett on how to build a successful—and happy—life.

"Unconditional Love Is Huge In This World"

In his profile for The Great Minds of Investing, Warren Buffett speaks candidly about the most important reason for his success: the love and support he received from his father, Howard Buffett, a U.S. Congressman whom he revered. “My dad believed in me,” Mr. Buffett explains. “What I basically got from my father is unconditional love. Unconditional love is huge in this world … Whatever I did, he was all for it. It didn’t matter how much money I made or anything like that. It was just, ‘Do your best in whatever you take on.'"

"I Don’t Work To Collect Money."

 

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What money has bought Warren Buffett is the freedom to live as he chooses. In The Great Minds of Investing, Charlie Munger explains: “Neither of us wanted to be a lowly subordinate in some dominant hierarchy that told us what to do and what to think. That’s why we got the money primarily—because we wanted the independence.”

"Live Your Life by an Inner Scorecard"

In 2008, Mohnish Pabrai and Guy Spier paid $650,100 for a charity lunch with Warren Buffett. Spier, a hedge fund manager based in Zurich, later recalled the meal in his 2014 memoir, The Education of a Value Investor, which I helped him write. What stood out most for him from this three-hour masterclass with Mr. Buffett was one life-changing piece of advice. “It’s very important,” said Warren Buffett, “always to live your life by an inner scorecard, not an outer scorecard.”

Warren Buffett illustrated this by asking: “Would you prefer to be considered the best lover in the world and know privately that you’re the worst—or would you prefer to know privately that you’re the best lover in the world, but be considered the worst?”

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1 Comment on "I’ve Followed Warren Buffett For Decades And Keep Coming Back To These 10 Quotes"

  1. Benjamin Graham – also known as The Dean of Wall Street – was a scholar and financial analyst who mentored legendary investors such as Warren Buffett, William J. Ruane, Irving Kahn and Walter J. Schloss.

    Warren Buffett wrote the preface for Graham’s book – The Intelligent Investor – in which he calls it “by far the best book about investing ever written.”

    Graham’s first recommended strategy – for novice investors – was to invest in Index stocks.
    For more serious investors, Graham recommended three different categories of stocks – Defensive, Enterprising and NCAV – and 17 qualitative and quantitative rules for identifying them.
    For professional investors, Graham described various special situations or “workouts”.

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