Warren Edward Buffett (born August 30, 1930) is an American business magnate, investor, and philanthropist. He is considered by some to be one of the most successful investors in the world, and as of March 2017 is the second wealthiest person in the United States, and the fourth wealthiest in the world, with a total net worth of $73.3 billion. Born in Omaha, Buffett developed an interest in business and investing in his youth, eventually entering the Wharton School of the University of Pennsylvania in 1947 before transferring and graduating from University of Nebraska–Lincoln at the age of 19. Buffett went on to enroll and graduate from Columbia University where he learned and eventually molded his investment philosophy around a concept pioneered by Benjamin Graham–value investing. He attended New York Institute of Finance to specialize his economics background and soon after began various business partnerships, including one with Graham. After meeting Charlie Munger, Buffett created the Buffett Partnership. His firm would eventually acquire a textile manufacturing firm called Berkshire Hathaway and assume its name to create a diversified holding company. Buffett has been the chairman and largest shareholder of Berkshire Hathaway since 1970, and his business exploits have had him referred to as the “Wizard”, “Oracle” or “Sage” of Omaha by global media outlets. He is noted for his adherence to value investing and for his personal frugality despite his immense wealth. Buffett is a notable philanthropist, having pledged to give away 99 percent of his fortune to philanthropic causes, primarily via the Bill & Melinda Gates Foundation. In 2009, with Bill Gates and Mark Zuckerberg, Warren founded The Giving Pledge, whereby billionaires pledge to give away at least half of their fortunes. He is also active in contributing to political causes, having endorsed Democratic candidate Hillary Clinton in the 2016 U.S. presidential election; he has publicly opposed the policies, actions, and statements of the current U.S. president, Donald Trump. [Excerpt from Wikipedia, the free encyclopedia]
Below are some of his Business inspirations
The first rule is not to lose. The second rule is not to forget the first rule.
I always knew I was going to be rich. I don’t think I ever doubted it for a minute.
It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.
You do things when the opportunities come along. I’ve had periods in my life when I’ve had a bundle of ideas come along, and I’ve had long dry spells. If I get an idea next week, I’ll do something. If not, I won’t do a damn thing.
Risk comes from not knowing what you’re doing.
Risk is a part of God’s game, alike for men and nations.
In the business world, the rearview mirror is always clearer than the windshield.
Price is what you pay. Value is what you get.
Value is what you get.
The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.
Why not invest your assets in the companies you really like? As Mae West said, ‘Too much of a good thing can be wonderful’.
I bought a company in the mid-’90s called Dexter Shoe and paid $400 million for it. And it went to zero. And I gave about $400 million worth of Berkshire stock, which is probably now worth $400 billion. But I’ve made lots of dumb decisions. That’s part of the game.
Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.
When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.
It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction.
Chains of habit are too light to be felt until they are too heavy to be broken.
Predicting rain doesn’t count. Building arks does.
Let blockheads read what blockheads wrote.
If you get to my age in life and nobody thinks well of you, I don’t care how big your bank account is, your life is a disaster.
Wide diversification is only required when investors do not understand what they are doing.
We enjoy the process far more than the proceeds.
If a business does well, the stock eventually follows.
The best thing I did was to choose the right heroes.
We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.
You only have to do a very few things right in your life so long as you don’t do too many things wrong.
There seems to be some perverse human characteristic that likes to make easy things difficult.
Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.
I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.
It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.
When you combine ignorance and leverage, you get some pretty interesting results.
If past history was all there was to the game, the richest people would be librarians.
The investor of today does not profit from yesterday’s growth.
Time is the friend of the wonderful company, the enemy of the mediocre.
Only when the tide goes out do you discover who’s been swimming naked.
Someone is sitting in the shade today because someone planted a tree a long time ago.